Companies Reach Definitive Agreement for the Sale of Nortel's UMTS Access Business to Alcatel-Lucent.
PR Newswire Europe, December, 2006
TORONTO, Canada, December 4 /PRNewswire/ -- Nortel(x) (NYSE: NT , TSX: NT) today announced that it has reached a definitive agreement for the sale of certain assets and the transfer of certain liabilities related to the company's UMTS access business to Alcatel-Lucent. It follows the signing of the non-binding Memorandum of Understanding between the two companies announced September 1, 2006. The transaction is a US$320 million cash transaction, less significant deductions and transaction related costs. The parties have agreed to target a closing at year end, and in any event, a closing within 90 days of today's announcement. Approximately 1,700 of Nortel's UMTS access business employees will transfer to Alcatel-Lucent.
"The completion of this...
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