Ericsson wins auction for Nortel's wireless assets, for now

TORONTO – Swedish telecom-equipment maker Ericsson was declared the winning bidder for bankrupt Nortel Network’s wireless business.Ericsson’s bid of US $1.13 billion, which is still subject to final approvals, encompasses Nortel’s code division multiple access (CDMA) business - the second largest supplier of CDMA infrastructure in the world - and almost all of Nortel's long term evolution (LTE) access assets “giving it a strong technology position in next generation wireless networks”, the company said in a press release.As part of this agreement, a minimum of 2,500 Nortel employees supporting the CDMA and LTE access business will receive offers of employment from...