UPDATE: We were unsuccessful in our bid for Nortel’s assets. A news release on this was issued on July 25, 2009.
The original post follows:
So, the confirmation is finally here that we are interested in acquiring some of Nortel’s assets.
The release can be seen online at our press site. The planned deal is a very sound strategic fit for us and we believe offers good value.
As is said in the release the transaction would see more than 2,500 Nortel employees – largely located in Ottawa, Canada and Dallas, United States but also including employees in Mexico and China – transferred to Nokia Siemens Networks. So if you’re a Nortel employee and think you may be impacted by the plans, you can read more about what this may mean for you at a dedicated microsite and watch a video of Mika, our COO, saying ‘hello’.
The news offers an opportunity for some key Nortel customers in North America, and some of its employees, the potential of a more stable future with us, providing additional portfolio benefits, scale and energy to be a long-term winner in the industry.
We’re fully committed to maintaining Nortel’s Ottawa site as a center of excellence for LTE and see ourselves as a safe partner for Canadian jobs, throughout the value chain, keeping Canada at the forefront of wireless R&D.
We also feel we’re pretty good at executing successful mergers.
Well, the transaction is subject to approval of the U.S. Bankruptcy Court and the Ontario Superior Court of Justice and any deal closing would be expected in mid-Q3 2009.
Nortel has posted a brief blog on this news on its ‘Buzzboard’ (note to editor: think of catchy brand name for news blog…)
Let us know your thoughts on the deal.