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...
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