Nortel's Carve-Up Gathers Speed

The carve-up of Nortel Networks(NT Quote) is gathering pace with the troubled telecom equipment maker selling its share in LG-Nortel, its joint venture with Korean giant LG Electronics.

The first rumblings that Nortel was considering the sale of its controlling stake emerged last month, and the Canadian firm confirmed its exit in a statement released Wednesday.

Said to be valued at around $1 billion, the joint venture was founded in 2007 to provide telecom and networking equipment to Korea and other markets such as Russia. A profitable business that achieved an operating margin of $341 million in 2008, LG-Nortel has already clinched major deals with Korean wireless firms SK Telecom and KTF. ...