Nortel sells wireless unit to Nokia Siemens

TORONTO - Nokia Siemens Networks has agreed to buy Nortel Network’s wireless unit for U.S. $650 million. The agreement, disclosed late Friday, will cover Nortel’s code division multiple access (CDMA) business and long term evolution (LTE) access assets, the press release said. At least 2,500 Nortel employees, described as “a significant portion of the employees associated with the assets being sold”, will have the opportunity to join Nokia Siemens. The wireless business is the second largest supplier of CDMA infrastructure in the world. Nortel president and CEO Mike Zafirovski called the deal “solid proof” of the value of the company’s...