Ericsson Deal is Done

By Mark Evans | Published: November 13, 2009

The $1.13-billion sale of Nortel’s CDMA wireless business and its LTE R&D unit has been completed.

“Completion of this first large-scale divestiture is a major milestone in Nortel’s plan to preserve the value of its innovation and know-how while maximizing value through the sale of its businesses,” Pavi Binning, Nortel’s chief restructuring officer, said in a press release. (Editor’s Note: Now, that’s a cool job title!)

“As we stated following July’s auction, the sale of our CDMA business and LTE Access assets to Ericsson represents a very positive prospect for our customers, our employees and for many of our other stakeholders. Our customers will benefit from having an experienced and financially strong partner supporting their CDMA and future LTE networks, while more than 2,500 skilled employees will now have new opportunities with a world-class technology company.”

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  • lteorphan

    Who is still remembering those 20+ LTE orphans be let go?………………..
    Among all the 2500 employee, E/// just does not want to take the extra 20 people, what a shame!

  • felixmk

    Richard Lowe also released a statement:

    I am happy to announce that I still have a job at Ericsson. This is in keeping with my number one goal of keeping myself employed no matter what happens. It breaks my heart (not) that we had to let some people go, but remember, I kept my job. Too bad I helped run Nortel into the ground but it does not really matter because I am still employed as an executive. It took a lot of sucking up to the Swedes, and they are a pretty cold bunch, but I did it. I had to demote myself from Presidente Supremo of carrier networks to GM of CDMA, but it worked, I kept my job. I am still on the 16th floor in Dallas with my Sanibel Conference room, my exec assistant, and my job. Wow, I really feel good. But I need to get back to work on keeping my job no matter what.

  • protosphere

    You'd think after he and Zifibberoffski got sued for misleading he'd put a lid on all the hype

    …calling any positive a prospect is funny too

  • bankrupt_bob

    Proto, is that really you? You said a million words in those few! ;>)

  • nomorent

    Does anybody know which other execs were moved to Ericsson?

  • kamsingh

    We found some Ericsson Marconi OMS 1600 telecommunications equipment at a public auction.

    UPS – an international parcel company use this auction to dispose of goods from their lost property or overgoods department.

    We checked with Ericsson and a logistics company TS Technology Services to make sure there was no outstanding claims or disputes.

    TS Technology confirmed that they had used UPS for the delivery of these items.

    For more information goto:

    http://www.ericssonmarconiopticalnetworks.com/

  • less

    I hear a faint hymn wafting on the wind anon. It sounds like “Come Together”… no wait. Its Nortels inofficial anthem… again…

    http://www.youtube.com/watch?v=TFBdGMXu2Nk

  • felixmk

    Some of the sales guys made it: Bruschke, Armstrong..

  • freqmgr

    So when do the remaining few become E// employees? I spoke with one recently and he “didn't have a clue”.

  • NortelTragedy

    Too many “execs” moved to E/// … ha, ha … E/// will soon find out, if they don't already know, that all the RATS jumped ship to CDMA – whether they knew anything about it or wireless technology and customers – to save their sorry a$$es.

    Lowe and his “B Team” crew will soon be found out at E///. The Nortel deadwood have at most one year at E/// — and they're well aware of it.

    http://www.cartoonstock.com/newscartoons/cartoo…

  • zeroman

    they most likely dont.

  • freqmgr

    So when do the remaining few become E// employees? I spoke with one recently and he “didn't have a clue”.

  • NortelTragedy

    Too many “execs” moved to E/// … ha, ha … E/// will soon find out, if they don't already know, that all the RATS jumped ship to CDMA – whether they knew anything about it or wireless technology and customers – to save their sorry a$$es.

    Lowe and his “B Team” crew will soon be found out at E///. The Nortel deadwood have at most one year at E/// — and they're well aware of it.

    http://www.cartoonstock.com/newscartoons/cartoo…

  • zeroman

    they most likely dont.

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