Court approves sale of Nortel's optical networking and carrier Ethernet, GSM/GSM-R businesses

TORONTO – Nortel Networks has received court approval to proceed with the sale of its optical networking and carrier Ethernet business to Ciena, and the sale of its GSM business to Ericsson and Kapsch CarrierCom AG.As announced in November, Ciena's purchase will include substantially all product platforms, patents and intellectual property that are predominantly used in the businesses, plus Nortel's customer contracts. Ciena paid US$530 million in cash plus US$239 million principal amount of convertible notes. The US and Canadian bankruptcy courts also approved of Ericsson’s purchase of assets relating to the North American GSM business, and Kapsch’s purchase of assets...