Nortel sheds interest in Korean joint venture

TORONTO – Nortel Networks will sell its majority stake in LG-Nortel to Ericsson for US$242 million in cash, subject to certain purchase price adjustments.The deal will see Telefonaktiebolaget LM Ericsson obtain 50% plus 1 share interest in LG-Nortel Co. Ltd., Nortel’s Korean joint venture with LG Electronics. The agreement is subject to the approval of the Ontario Superior Court of Justice, as well as satisfaction of customary regulatory and other conditions, the company said Wednesday.“Today's announcement is a positive step forward in securing a sound future for the LG-Nortel business and its valued customers," said Paul House, chairman and GM...