Ericsson Enters Bid to Acquire Nortel Wireless Business

5:18 pm on July 23, 2009 | Category: Business, Cellular, Corporate, Wireless Technology

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Swedish telecom equipment maker, Ericsson, confirmed today that it is seeking to acquire the wireless division of Nortel Networks.

Ericsson is reportedly offering US$730 million to the bankrupt networking giant, attempting to edge out competing bids by Nokia Siemens and MatlinPatterson, a New York-based private equity firm.

BlackBerry manufacturer, Research In Motion, has also expressed interest in Nortel’s wireless division but has not yet qualified to place a bid due to a dispute over confidentiality terms.

A formal auction for Nortel’s wireless assets is scheduled to take place tomorrow.

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    Edited by Jeremy Maddock