Lucent Wins Auction For Riverstone Assets

Law360, New York (March 21, 2006, 12:00 AM EST) -- Telecommunications gear maker Lucent Technologies Inc. won the auction for the sale of most of the assets of bankrupt ethernet infrastructure provider Riverstone Networks Inc. with a bid of $207 million cash.

The agreement, subject to approval by a U.S. bankruptcy court, calls for the companies to make some modifications to the purchase agreement signed in February, Riverstone said Tuesday.

Lucent beat out a competing bid from Swedih rival Ericsson Inc., which had offered $178 million for Riverstone’s assets.

The auction was opposed by one of...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.