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U.S. markets recover from steep losses
TORONTO, July 25 (UPI) -- Swedish telecommunications giant Ericsson says it has won an auction for the wireless unit of the bankrupt Canadian company Nortel Networks Corp.
Ericsson's bid of $1.13 billion for Nortel Wireless was nearly double its nearest competitor, Nokia Siemens Networks, at an auction Friday in New York, The Toronto Star reported.
Ericsson said the purchase of Nortel's wireless division will help in the company's move to reposition its "4G" technology for a transition from CDMA, or code-division multiple access, to LTE, or long term-term evolution.
"Acquiring Nortel's North American CDMA business allows us to serve this important region better as we build relationships for the future migration to LTE," Ericsson CEO Carl-Henric Svanberg said in a statement. "Furthermore, by adding some 2,500 highly skilled employees, of which about 400 are focused on LTE research and development, Ericsson reinforces and expands a long-term commitment to North America."
"Nortel remains focused on finding the right buyers for our other businesses while continuing to maintain excellent customer service levels," Nortel CEO Mike Zafirovski said in a statement. "We are determined to maximize value while preserving innovation platforms, customer relationships and jobs to the greatest extent possible."
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