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Ericsson has joined the bidding for Nortel’s CDMA and LTE wireless assets, joining Nokia Siemens and private equity firm MatlinPatterson.
Ericsson is reportedly offering a price that matches or exceeds MatlinPatterson’s preliminary bid of $725 million and Noklia Siemens’ initial offer of $650 million, according to a story in today’s Financial Times. Ericsson, however, would not comment on the amount of its offer.
Slideshow: The rise and fall of Nortel
MatlinPatterson is looking to reorganize and build an independent company around Nortel's CDMA and LTE wireless assets at the core, and has assembled an advisory team led by a former Nortel executive.
Research in Motion was looking to offer $1.1 billion for the assets but was barred from bidding after a dispute with Nortel. Nortel says RIM has refused to comply with court-approved bidding procedures.
The auction is scheduled to take place July 24.
Nortel has also received a “stalking horse” offer from Avaya for its enterprise business. Avaya’s $475 offer is the initial bid for the business.
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Comments (2)
EricssonBy Brad Reese on July 24, 2009, 6:24 pmBrad Reese
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Wall Street's take on EricssonBy Brad Reese on July 24, 2009, 6:34 pmIn his research note this week, RBC Capital Markets Managing Director - Mark Sue discusses Ericsson's currency issues, "We're maintaining our neutral stance on Ericsson's...
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