Avaya Wins Nortel Business Phone Unit For $915M

Law360, New York (September 14, 2009, 2:06 PM EDT) -- Telecommunications company Avaya Inc. has won its bid to acquire bankrupt Nortel Networks Corps.' business phone system unit for $915 million.

Nortel will receive $900 million in cash and an additional $15 million for a staff retention program, the companies said Friday.

The deal is still subject to court and regulatory approval in the U.S., Canada, France and Israel. Nortel expects the deal to close in the fourth quarter of 2009, and the companies will seek U.S. and Canadian court approval Tuesday.

The selling price of...
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