Nortel sells LTE, CDMA assets to NSN for $650m

Nortel is to sell its LTE and CDMA assets to Nokia Siemens Networks (NSN) for $650 million – the first step in the breakup of the company.Under the proposed deal, more than 2,500 Nortel staff – including 400 working on LTE – would transfer to NSN. It requires approvals from US and Canadian courts, which are expected to hear the case by the end of July.
Nortel is the second largest supplier of CDMA infrastructure in the world, with sales to with three of the five top CDMA operators.
Source: telecomasia.net