Ericsson (Nasdaq: ERIC) took another step forward in its $65 million move to purchase Nortel's multi-service switch unit as a bankruptcy court late last week gave his approval of the deal.
Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., gave his approval of the deal barely a week after Ericsson won an auction to purchase one of Nortel's remaining assets, reports Dow Jones.
Ericsson's bid trumped the previous $39 million bid made by PSP Holding LLC, a special-purpose entity funded by Marlin Equity Partner and Canada's Samnit Technologies.
The main focus of the MSS unit, according to Ericsson, will be to bolster the CDMA assets it previously bought off of Nortel in addition to supporting current wireline and large enterprise customers.
"Our focus now is to work closely with Ericsson to ensure as seamless a transition as possible for our customers," said John Luszczek, the general manager of the MSS business, in a statement.
- Total Telecom via Dow Jones Newswires has this article
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