Avaya Wins Nortel Unit With $900M Bid
TORONTO (
) --
Nortel
said
Avaya
is the winning bidder for its enterprise solutions business and will pay $900 million in cash, plus an added $15 million reserved for an employee retention program.
Also included in the sale are Nortel's government solutions subsidiary and DiamondWare. The sale is subject to court approvals in the U.S., Canada, France and Israel as well as regulatory approvals.
Suitors for Nortel |
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Nortel, in a press release Monday, said the deal is expected to close late in the fourth quarter. The company plans to seek Canadian and U.S. court approvals for the proposed sale on Tuesday.
Avaya is a former public company taken private by two private equity firms two years ago.
Nortel filed for bankruptcy protection in January.
-- Reported by Joseph Woelfel in New York
.
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