Nortel Networks Corp. said Wednesday it has agreed to sell nearly all the assets of its Carrier Voice over Internet Protocol (VoIP) and Application Solutions business globally to Genband Inc. for $282 million.
Nortel has been incrementally selling its operations since filing for creditor protection in January.
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Nortel's assets in North America, the Caribbean, Latin America and Asia are being offered under a "stalking horse" asset sale agreement, in which a debtor tries to maximize the value of its assets before a bankruptcy auction.
The company said a significant majority of the division's employees will have the opportunity to work for Genband. However, the exact number was not discussed.
In early January, Nortel expects to seek U.S. and Canadian court approvals for bidding procedures, including a bid deadline and tentative auction date.
Nortel is the recognized leader in the Carrier VoIP space, having shipped more than 118 million Carrier VoIP and Multimedia ports, including over 10 million SIP lines to leading wireline and wireless carriers globally.
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