Nortel Networks in Sale of Wireless Business to Nokia Siemens

Cleary Gottlieb is representing Nortel Networks on the proposed $650 million sale of its wireless infrastructure business to Nokia Siemens. The firm is also U.S. bankruptcy counsel to Nortel and affiliates in their U.S. Chapter 11 proceedings.

Nortel announced June 19 that it had entered into a “stalking horse” sale agreement with Nokia Siemens for the sale of substantially all of Nortel’s CDMA business and LTE Access. The transaction requires U.S. and Canadian court approvals, and is subject to the satisfaction of customary and other conditions, including governmental approvals such as in Canada and the United States. The firm is advising Nortel on numerous aspects of the transaction, including corporate, bankruptcy, securities, employee benefits, intellectual property and real estate.

Nortel has been a client of Cleary Gottlieb for more than 20 years. In recent years, the firm has represented Nortel in a number of financing transactions and in its sale of assets related to Nortel’s UMTS access business to Alcatel-Lucent. The firm also advised Nortel on European aspects of its sale to Flextronics of manufacturing operations and related activities in Canada, Brazil, France and Northern Ireland.

A recognized leader in delivering communications capabilities across the world, Nortel does business in more than 150 countries.