Courts approve Ericsson bid but Ottawa could still block sale

TORONTO – Bankruptcy courts in Ontario and the US have given the green light for LM Ericsson to purchase Nortel Network's wireless business unit for US $1.13 billion.The Swedish telecom-equipment maker outbid two other companies for Nortel’s code division multiple access (CDMA) business and almost all of Nortel's long term evolution (LTE) access assets. The division, frequently referred to as the crown jewel of Nortel’s assets, counts telecom giants Bell Canada, Telus and Verizon Wireless among its North American customers. The deal still requires federal regulatory approval before it can close later this year, however, there is growing pressure on the Federal...