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U.S. markets recover from steep losses
PARIS, Sept. 1 (UPI) -- Nortel Networks Corp. is selling part of its cell phone business to French telecommunications giant Alcatel for $320 million, Alcatel said Friday.
The non-binding deal calls for Alcatel to buy Nortel's universal mobile telecommunications system, which offers downloads, e-mail and instant messaging as well as voice service.
Nortel will continue its business that sells cell phone equipment using a different standard called GSM, the world's most popular cell phone standard, Nortel said.
The sale will help the Nortel, based in Mississauga, Ontario, focus on core assets. It will also help Paris-based Alcatel increase its presence in Europe and North America, the companies said.
With the sale, Alcatel will become the world's third largest provider of UMTS networks, with a market share of nearly 14 percent, behind leaders Ericsson and Nokia/Siemens.
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