Nokia Siemens Networks signs agreement to purchase Nortel assets
Torys acted as counsel to Nokia Siemens Network with a team that included Sharon Geraghty, Krista Hill, Paul Cowling, David Ho and Nina Mansoori (corporate), Scott Bomhof (restructuring), Dan Logan and Michelle Kisluk (technology), Eileen McMahon and Ed Fan (IP), Christina Medland and Stacey Parker-Yull (pension and employment), Sabrina Gherbaz (real estate), Michael Fortier (environmental), Corrado Cardarelli (tax), Jay Holsten and Huw Evans (competition), Philip Mohtadi and Luke Crosby (Investment Canada) and John Cameron (research).
On June 19, 2009, Nokia Siemens Networks BV announced the proposed acquisition of the CDMA and LTE businesses of Nortel Networks (TSX: NT) for US$650 million. Due to Nortel's restructuring process, Nokia's stalking horse bid is subject to the approval of the United States Bankruptcy Court and the Ontario Superior Court of Justice. The bidding procedures were approved on June 29 and the final closing was also subject to customary closing conditions and regulatory approvals.
On July 25, 2009, Telefonaktiebolaget LM Ericsson emerged as the winning bidder with a purchase price of US$1.13 billion.
Nokia Siemens Networks, headquartered in Espoo, Finland, is a leading global enabler of telecommunications services.
Nortel Networks, headquartered in Toronto, is a world-leading supplier of end-to-end networking and communications products and solutions.