Cleary Gottlieb represented longtime client Nortel Networks on the sale of certain assets and the transfer of certain liabilities related to Nortel’s UMTS access business to Alcatel-Lucent for $320 million. The transaction closed on December 31, 2006.
At closing, Nortel sold its UMTS access operations, along with related property and support activities in fifteen countries, and transferred approximately 1,700 employees to Alcatel-Lucent. Alcatel-Lucent also acquired the intellectual property and the goodwill associated with the business.
Nortel, headquartered in Ontario, Canada, is a recognized leader in delivering communications capabilities across the world. Nortel does business in more than 150 countries. Alcatel-Lucent is a global communications solutions provider.