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Sept. 18, 2009 -- Both Avaya and Nortel received approvals from the U.S. and Canadian Courts for
the sale of Nortel’s Enterprise Solutions business.
Avaya Receives U.S. and Canadian Court Approvals to Acquire Nortel's Enterprise Solutions Business
BASKING RIDGE, NJ Sept. 16, 2009 -- Avaya today announced that its agreement with Nortel for the acquisition of Nortel's Enterprise Solutions business in North America, the Caribbean and Latin America and Asia has been approved by courts in Canada and the United States. As previously announced Avaya has entered into a separate agreement with Nortel for the acquisition of the portion of Nortel's Enterprise Solutions business in Europe, the Middle East and Africa (EMEA).
The company noted the closing of the transaction remains subject to additional court approvals in France and Israel, and information and consultation processes with employee representatives in certain EMEA jurisdictions. The transaction is also subject to customary closing conditions, including receipt of necessary regulatory approvals.
About Avaya
Avaya is a global leader in enterprise communications systems. The company provides unified communications, contact centers, and related services directly and through its channel partners to leading businesses and organizations around the world. Enterprises of all sizes depend on Avaya for state-of-the-art communications that improve efficiency, collaboration, customer service and competitiveness.
Information Source: Marketwire
Nortel Obtains U.S. and Canadian Court Approvals for Sale Agreements with Avaya for Enterprise Solutions Business
TORONTO, Ont. Sept. 16, 2009 -- Nortel Networks Corporation announced that at a joint hearing today it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries including Nortel Networks Inc., obtained orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the asset and share sale agreement with Avaya Inc. ("Avaya") for the sale of Nortel's North American, Caribbean and Latin American and Asian Enterprise Solutions business. Certain other Nortel subsidiaries, including Nortel Networks U.K. Limited, have entered into a separate asset sale agreement with Avaya for the Europe, Middle East and Africa (EMEA) portion of Nortel's Enterprise Solutions business. Under the agreements, Avaya will pay an aggregate purchase price of US$900 million in cash and fund an additional pool of US$15 million for an employee retention program.
As announced on July 20, 2009, these agreements include the planned sale of substantially all of the assets of the Enterprise Solutions business globally as well as the shares of Nortel Government Solutions Incorporated (NGS) and DiamondWare, Ltd. The sale is subject to additional court approvals in France and Israel as well as regulatory approvals, other customary closing conditions and certain post-closing purchase price adjustments. In some EMEA jurisdictions this transaction is subject to information and consultation with employee representatives. Nortel will work diligently with Avaya to close the sale later this year, subject to the timing of regulatory approvals. The sale close is expected late in the fourth quarter 2009.
About Nortel
Nortel delivers communications capabilities that make the promise of Business Made Simple a reality for our customers. Our next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it.
Information Source: Nortel
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