Nokia Siemens Networks scored the support of the Federal Trade Commission in its attempts to purchase the wireless assets of Nortel Networks for $650 million, according to Reuters. The action removes another impasse in Nokia Siemens' attempts to bolster its LTE and CDMA efforts.
Bankrupt Nortel is headed into an auction later this month where bidders will decide the company's ultimate fate. Bids for Nortel are due July 21 and the bankruptcy auction date is set for July 24 in New York City. As the "stalking horse bidder," Nokia Siemens has the ability to set the floor price for bids and match any higher offers for Nortel's businesses.
However, Nokia Siemens faces a possible rival suitor for Nortel: MatlinPatterson, which specializes in distressed investments and is a major bondholder and Nortel creditor. The firm recently announced its intentions to submit a bid for Nortel that would keep the Canadian firm intact.
For more:
- see this Reuters article
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