Consortium together with Apple, EMC, Ericsson, Microsoft, RIM and Sony snags Nortel patents for $four.5 billion
TORONTO, ONTARIO, Jun 30, 2011 (MARKETWIRE by way of COMTEX) — Nortel(1) Networks Company /quotes/zigman/442381 NRTLQ +19.05% introduced as we speak that it, its subsidiary Nortel Networks Restricted (NNL), and sure of its different subsidiaries, together with Nortel Networks Inc. and Nortel Networks UK Restricted (in administration), have concluded a profitable public sale of all of Nortel’s remaining patents and patent purposes. After a multi-day public sale, a consortium emerged because the profitable bidder with a money buy worth of US$four.5 billion. The consortium consists of Apple, EMC, Ericsson, Microsoft, Analysis In Movement and Sony.
The sale consists of greater than 6,000 patents and patent purposes spanning wi-fi, wi-fi 4G, knowledge networking, optical, voice, web, service supplier, semiconductors and different patents. The in depth patent portfolio touches almost each facet of telecommunications and extra markets as nicely, together with Web search and social networking.
“Following a really strong public sale, we’re happy on the consequence of the public sale of this in depth patent portfolio”, stated George Riedel, Chief Technique Officer and President of Enterprise Models, Nortel. “The dimensions and greenback worth for this transaction is unprecedented, as was the numerous curiosity within the portfolio amongst main corporations around the globe.”
The sale is topic to relevant Canadian and U.S. Courtroom approvals which will probably be sought at a joint listening to anticipated to be held on July eleven, 2011. Nortel will work diligently with the consortium to shut the sale within the third quarter of 2011.
As beforehand introduced, Nortel doesn’t anticipate that the Firm’s widespread shareholders or the NNL most popular shareholders will obtain any worth from Nortel’s creditor safety proceedings and expects that the proceedings will outcome within the cancellation of those fairness pursuits.