Nortel Completes Sale of China Joint Venture Assets to Ericsson

Nortel Networks Corporation, a telecommunications company based in Mississauga, Ontario, announced that its Chinese joint venture has sold its assets to Ericsson, a Sweden-based provider of technology and services to telecom operators, for an aggregate purchase price of approximately US$50 million in cash. The joint venture, Guangdong Nortel Telecommunication Equipment (GDNT), was formed between Nortel Networks Limited, Nortel China Limited and certain third parties. Nortel made the sale to Ericsson Mobile Data Applications Technology Research and Development Guangzhou Company Limited, and Ericsson (Guangdong Shunde) Communications Company Limited.