Nortel completes sale of patents

Nortel Networks announced that it, its subsidiary Nortel
Networks, and certain of its other subsidiaries, including Nortel Networks and
Nortel Networks UK, have completed the sale of all of Nortel’s remaining
patents and patent applications to a consortium consisting of Apple, EMC,
Ericsson, Microsoft, Research In Motion and Sony, for a cash purchase price of
$4.5 billion.

As previously announced, 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 extensive patent portfolio touches nearly every aspect of
telecommunications and additional markets as well, including Internet search
and social networking.

As previously announced, Nortel does not expect that the
company’s common shareholders or the NNL preferred shareholders will receive
any value from Nortel’s creditor protection proceedings and expects that the
proceedings will result in the cancellation of these equity interests.

By Team
[email protected]