Nortel will sell its enterprise solutions business in Europe, Middle East and Africa to Avaya Inc. for $475 million. Nortel Filed for bankruptcy seeking protection from creditors and investors in January this year. As for international / multinational company Nortel, it still has assets all over the world, like Americas and Asia.
So Avaya has also set sights on those by reaching a "stalking horse" asset and share sale agreement with Avaya for its enterprise solutions business in North America, Latin America and Asia. The "stalking horse" will allow Avaya to make a bid for these assets before other interested parties. "These agreements include the planned sale of substantially all of the assets of the enterprise solutions business globally as well as the shares of Nortel Government Solutions Inc. and DiamondWare Ltd.," said Nortel in a statement. Nortel had filed for bankruptcy protection in January.
Tuesday, July 21, 2009