Nortel to Sell Itself Off in Pieces

Rob Gillies

TORONTO -- Nortel Networks(NT Quote), once a technology giant, has decided to sell itself off in pieces rather than attempt to emerge from bankruptcy as a restructured company.

Nokia Siemens Networks agreed to buy some wireless operations of Canada's Nortel Networks in a $650 million deal as the more than century-old Nortel announced it is looking for buyers for the rest of its assets.

The Finnish-German joint venture said Saturday it had agreed to buy the CDMA and LTE wireless technology assets of Nortel, a former telecommunications equipment powerhouse that sought bankruptcy protection in January and now plans to liquidate its business. ...