Once again, Nortel Networks shareholders – and, presumably, pensioners – won’t benefit from an expected sale of the company’s assets.
Nortel said on Monday it’s selling some of its next-generation packet core network component properties to Hitachi Ltd. for $10 million. Hitachi is an electronics maker based in Japan.
The deal includes certain wireless data-transfer software, some equipment and a non-exclusive license of some patents and other intellectual property, which Nortel didn’t specify. It does not include legacy packet core components for Nortel’s UMTS and GSM businesses.
Bankruptcy courts in the United States and Canada must approve the transaction; Nortel expects the sale to close some time this year.
This marks another in a series of fire sales Nortel has held since declaring bankruptcy in January.