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Nokia Siemens looking to buy parts of Nortel: report

Nokia Siemens looking to buy parts of Nortel: report
PTI
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First Published: Wed, Apr 08 2009. 05 18 PM IST
Updated: Wed, Apr 08 2009. 05 18 PM IST
New York: Nokia Siemens Networks has offered to acquire parts of Canada-based Nortel Networks Corp, which will help in increasing its presence in the American market, says a media report.
“Nokia Siemens Networks, seeking a bigger foothold in the US market, has offered to buy large pieces of Nortel Networks Corp, including much of its profitable carrier networks unit and a research unit developing a next-generation wireless technology,” The Wall Street Journal has reported quoting people familiar with the matter.
Both Nokia Siemens and Nortel are telecommunication solutions provider.
The report published online said Nortel, whose bankruptcy adviser is Lazard Freres & Co, is moving quickly to sell its major assets while under protection from creditors.
However, last month, the firm said it was “in the process of stabilising our business to maximise the chances of preserving all or a portion of the enterprise and evaluating our various operations to determine how to narrow our strategic focus in an effective and timely manner,” it added.
Nokia Siemens is a joint venture between Nokia Corp and Siemens AG.
“...it(Nokia Siemens) made an unsolicited offer last month for large parts of Nortel’s carrier networks group, including the CDMA group that produced most of Nortel’s operating profit before the company entered bankruptcy-law proceedings in January.
“Its bid includes an early voice technology known as TDM and Nortel’s market-leading business in the voice-over -Internet technology called VoIP,” the WSJ said quoting people familiar with the matter.
Nokia Siemens also wants a Nortel R&D unit focused on the LTE wireless technology being rolled out in coming years by the world’s largest carriers, including Vodafone Group PLC and Verizon Wireless, it added.
Attributing to a person familiar with the matter, the daily said, “the deal would involve the transfer of more than 200 employees from Nortel”.
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First Published: Wed, Apr 08 2009. 05 18 PM IST