Nortel Networks has the green light from the U.S. to sell its data-switch business to Israel-based Radware. The deal is for nearly $18 billion. A bankruptcy court judge gave his approval Thursday.
The Canada-based telecom giant filed for bankruptcy earlier this year, laying off thousands of people in the process. The company’s been trying to sell off various parts of its business ever since.
Radware develops technology that it says helps make Internet networks run more efficiently and cost-effectively. The sale still needs the approval of a Canadian judge. That is likely to come at a hearing on Monday.
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July 18 2018 @ 16:50:07 UTC