Nortel sells switch business for $39M

TORONTO – Nortel Networks has a preliminary agreement to sell its Multi Service Switch business for US$39 million in cash.The ‘stalking horse’ asset sale agreement is with PSP Holding LLC, an entity formed by Samnite Technologies Inc., a communications technology company based in Ottawa, and Marlin Equity Partners.These agreements include the planned sale of substantially all assets of the MSS business globally, including the associated Data Packet Network and Shasta product groups, plus certain intellectual property related to the MSS business."Today's announcement is welcome news to all MSS customers, suppliers, partners and employees”, said John Luszczek, GM of Nortel's MSS...