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July 26, 2009 / Raffy Pekson II

Nortel Auctions Wireless Assets to Ericsson

Ericsson won the auction for the bankrupt Nortel Network’s wireless assets valued at $1.13 billion. This means Ericsson will now own Nortel’s CDMA and next-generation LTE wireless technologies.

Nortel filed for bankruptcy in January this year, filing for creditor protection and blaming the economic crisis for a turnaround effort that started in 2005 but never happened. At its height, Nortel employed almost 90,000 employees (now down to 25,000) where its shares traded at more than Can$1,100 each in the mid-2000 but is now down at less than 10-Canadian cents per share.

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