Bankrupt Nortel Networks has sold about 10 percent of its stake in telecom R&D outsourcer Sasken Communications Technologies.
The telecom equipment maker sold 600,000 shares of Sasken, worth about $2.5 million.
Canada-based Nortel has spent most of the last year selling its assets to pay off creditor. This latest deal – completed in January – came as part of those efforts, a Nortel spokeswoman said.
Nortel funneled $10 million into the Bangalore-based supplier in April 2005 to better target customers in India and the Asia Pacific region. The two companies already had worked together for 15 years. At the time, Nortel billed the transaction as key to its R&D and market success.
“A close relationship with a leading local supplier like Sasken in one of the world’s fastest growing markets will further enhance Nortel’s ability to stay competitive in the Indian market and beyond,” John Giamatteo, then-president of Nortel’s Asia Pacific region, said in a prepared statement.
Since becoming insolvent on Jan. 14, 2009, Nortel has auctioned off its most valuable properties, including the wireless, enterprise and carrier divisions.
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December 13 2018 @ 16:01:55 UTC