Business Leap Frontier

Telecom equipment manufacturer Nortel Networks announced on 19 June that it would sell its modern wireless technology to Nokia Siemens Networks for US$650 million. Additionally, it was getting progress in discussion to sell its some other businesses. Leading North American producer of telecommunications gear Nortel distorted into bankruptcy in January and it blamed the severe economic crisis for devastating a turnaround effort which started in 2005.

Joint venture of Nokia & Siemens, Nokia Siemens made an unsolicited proposal for parts of NA Nortel’s carrier network group. However, the worth and scope of the agreement had been unclear. The deal would allow Nokia Siemens to get bigger its presence in North America. The deal makes it also a top supplier of wireless infrastructure equipments in the region.