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.
Further information is found on Nortel's website.