Rob Gillies

TORONTO -- Nortel Networks ( NT), 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.

The deal is subject to court approval under an auction process in which other bidders could still make higher offers.

Nokia Siemens is looking to strengthen its position in North American markets.

Nortel, on the other hand, is winding down a company with a 127-year history in Canada and said it is in advanced talks to sell the rest of its operations.

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