Skip to main content

Nortel Networks


received a $935 million deal to supply independent Spanish telecommunication company


TheStreet Recommends

with equipment to build the latest wireless Internet infrastructure in Spain over a period of three years.

The agreement requires the signing of a definitive agreement.

Nortel will supply Xfera with an Internet Protocal core network and radio access spanning across Madrid, southern Spain, the Canary Islands and much of the northeastern part of Spain.

Shares of Nortel fell sharply this morning, a day after the company reported third-quarter earnings that exceeded analysts' expectations by a penny but fell short of revenue targets amid a slowdown in optical network sales. Nortel's shares were recently down $17.31, or 27%, to $46. About 35 million shares had changed hands an hour into the trading day.