Genband Plans To Pick Up Nortel Unit For $282M

Law360, New York (December 23, 2009, 2:55 PM EST) -- Internet protocol provider Genband Inc. said Wednesday it planned to purchase bankrupt Nortel Networks Inc.'s carrier Voice Over Internet Protocol and application solutions unit for $282 million in a stalking horse agreement.

Genband will pay for the unit with the help of One Equity Partners III LP, one of its existing shareholders, the company said.

Because the company's $282 million offer is a stalking horse bid, there is no guarantee Genband will actually end up with the Nortel unit, a fact Genband CEO Charles D. Vogt...
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