Nortel has concluded a successful auction of all of its remaining patents and patent applications for $4.5bn (£2.8bn).
Nortel Networks Corporation announced that it, its subsidiary Nortel Networks Limited, and certain other subsidiaries — including Nortel Networks Inc and Nortel Networks UK Limited — have concluded a successful auction of all Nortel’s remaining patents and patent applications.
After a multi-day auction, a consortium emerged as the winning bidder with a cash purchase price of $4.5bn. The consortium consists of Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony.
The sale includes more than 6,000 patents and patent applications spanning wireless, wireless 4G, data networking, optical, voice, internet, service provider, semiconductors and other patents. The portfolio is said to touch nearly every aspect of telecommunications and additional markets, including internet search and social networking.
The sale is subject to applicable Canadian and US Court approvals, which will be sought at a joint hearing expected to be held on 11 July 2011.
In 2009, Nortel Networks and Nortel Networks Capital Corporation filed voluntary petitions in the US under Chapter 11 of the US Bankruptcy Code. Click here to read more.