Nortel Networks Corporation (OTCBB: NRTLQ) recently announced that its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc. and Nortel Networks UK Limited have completed the sale of substantially all of the assets of Nortel's global Enterprise Solutions business as well as the shares of Nortel Government Solutions Incorporated and DiamondWare, Ltd. to Avaya Inc.
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The sale of certain Enterprise Solutions assets held by Israeli subsidiaries remains subject to court approval in
"This is our second, large-scale business divestiture, and it represents significant progress on Nortel's plan to preserve the value of its innovation, while maximizing value through the sale of its businesses," said Pavi Binning, Chief Restructuring Officer, Nortel. "The sale of our Enterprise Solutions business to Avaya enables customers to continue to benefit from Nortel-created technology, know-how and leading-edge innovation while also benefiting from the complementary capabilities offered by Avaya's portfolio of products and services. It also provides a path forward for more than 6,000 skilled employees who will now take their expertise to Avaya."
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