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Nortel Accepts $650M Bid for Units: Report

TSC Staff

Nortel Networks (NT Quote) reportedly has accepted a $650 million bid for part of its carrier networks division and a wireless research unit from Nokia Siemens Networks.

Nortel, which entered bankruptcy protection in January, declined to comment to The Wall Street Journal, which reported the story late Friday. Bankruptcy regulations require an auction to see if Nortel can garner a higher bid, the paper reported.