13 WTHR - Indianapolis News |Hitachi to pay $10M for some Nortel network assets
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SAN FRANCISCO (AP) - Nortel Networks Corp. said Monday it agreed to sell some of its next-generation packet core network components to Hitachi Ltd. for $10 million.
Under the deal's terms, Hitachi will get assets including software that can be used to transfer data over existing wireless networks and the next generation of wireless communications technology, Nortel said. This includes related non-patent intellectual property, equipment and other assets, and a non-exclusive license for the use of some related patents and intellectual property.
The deal still must be approved by a Delaware bankruptcy court, along with the Ontario Superior Court of Justice. It is expected to be completed this year.
Nortel, formerly a telecommunications equipment giant, filed for bankruptcy protection in Canada and the U.S. in January. The Toronto-based company has since been selling its operations piece by piece.
The deal was made by Nortel's main operating subsidiary, Nortel Networks Ltd., and its Nortel Networks Inc. subsidiary.
Nortel, a former telecommunications equipment giant that at one point accounted for one-third of the market value on the entire Toronto Stock Exchange, filed for bankruptcy protection in Canada and the U.S. in January.
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