Google Unit's $900M Bid For Nortel Patents Gets OK

Law360, New York (May 2, 2011, 3:49 PM EDT) -- Bankruptcy courts in Delaware and Canada on Monday cleared a Google Inc. affiliate’s $900 million stalking horse bid for Nortel Networks Inc.’s patent portfolio, which includes a $25 million breakup fee, along with procedures for an auction of the portfolio on June 20.

The defunct telecom company has been selling off its assets at a steady clip since filing for bankruptcy protection in the U.S. and Canada in January 2009 after being hit hard by the financial crisis. The portfolio — consisting of 6000 U.S. and...
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