Nortel gets approval for CVAS sale
Nortel has won court approval for the sale of its carrier VoIP and applications solutions (CVAS) business to Genband, a Texas-based Internet protocol specialist, for $282m. The sale of the units in the UK is subject to an additional agreement that is understood to still be in the works.
Nortel has won court approval for the sale of its carrier VoIP and applications solutions (CVAS) business to Genband, a Texas-based Internet protocol specialist, for $282m.
The sale of the units in the UK is subject to an additional agreement that is understood to still be in the works.
The latest stalking horse sale of Nortel assets was quietly announced on 28 December last year, and under the terms of the deal, competitive bidders have until 23 February to submit higher bids ahead of the final auction date, set for 25 February.
Meanwhile, Avaya, which finalised the acquisition of the bulk of Nortel's enterprise business over the Christmas break, has announced it will be taking over Nortel's responsibilities as "Official Supplier of Converged Network Equipment" for the 2010 Winter Olympic Games in Vancouver, which start in February.
Nortel parted company with the organisers of the 2012 Games in London last summer before the Avaya purchase. This contract was subsequently awarded to rival Cisco.
