Ericsson To Nab Nortel China Joint Venture For $50M

Law360, New York (December 1, 2010, 5:53 PM EST) -- Bankrupt communications company Nortel Networks Corp. has agreed to sell its China-based joint venture Guangdong Nortel Telecommunication Equipment to Ericsson Communications Co. Ltd. for $50 million in cash, the companies said Wednesday.

Through the deal, Ericsson will acquire substanitally all of the assets of GDNT, a Chinese joint venture between Nortel subsidiaries Nortel Networks Ltd., Nortel China Ltd. and certain third parties. Nortel Networks Ltd. and Nortel China Ltd. together currently own 62 percent of GDNT.

GDNT, founded in 1995, provides leading edge telecommunications equipment and...
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