Rochester, NY 8/10/2009 7:43:41 PM
LM Ericsson Telephone Company, ERIC - One of Three Bidders Auction
LM Ericsson Telephone Company
LM Ericsson Telephone Company, ERIC
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Ericsson was one of three bidders in Friday's auction. Nokia Siemens Networks and private equity firm MatlinPatterson were its competitors. In mid-June, Nokia Siemens offered $650m for Nortel's assets. That offer set others into motion and led to the auction.
Ericsson's bid is still subject to bankruptcy court approval in the US and Canada. "Our final offer for Nortel's assets represented a fair price, and we did not enter this process with a win-at-any-cost mindset," Bosco Novak, Nokia Siemens' chief markets operations officer, said in a statement. The purchase virtually ensures Nortel will sell off the rest of its businesses, instead of reorganising into a smaller company.
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