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Apple, RIM Group Win Bid for Nortel Patents

Stocks in this article: AAPL EMC ERIC MSFT RIMM SNE

TORONTO ( TheStreet) -- Nortel said a consortium of Apple (AAPL - Get Report), EMC (EMC - Get Report), Ericsson (ERIC - Get Report), Microsoft (MSFT - Get Report), Research In Motion (RIMM) and Sony (SNE - Get Report), was the winning bidder for its remaining parent portfolio.

The group's bid was $4.5 billion, said Nortel, the bankrupt telecommunications gear maker, in a press release.

The sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, Internet, service provider, semiconductors and other patents, Nortel said.

"The size and dollar value for this transaction is unprecedented, as was the significant interest in the portfolio among major companies around the world," said George Riedel, chief strategy officer and president of business units at Nortel.

Google (GOOG) made the $900 million opening bid in April for the Nortel patents. Nokia (NOK) and Intel (INTC) were also reported to be in the chase for the patents.

Nortel said the sale is subject to Canadian and U.S. court approvals which will be sought at a joint hearing expected to be held on July 11. Nortel will try to close the sale of the patents, the last of its technology assets, in the third quarter.

-- Written by Joseph Woelfel



>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.

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