20 June 2011
Apple, Intel, Ericsson and Google bid for Nortel assets
Apple, Intel and Ericsson are bidding for more than 6000 of Nortel Networks' patents, a week after Google opened its bidding at $900million (£560m).
Bankrupt Nortel, based in Mississauga, Ontario, announced it was selling its 4G LTE wireless, networking, social software and other patents on 4 April. The US Justice Department cleared Google's bid, but as a result of the rival bidders' interest, Nortel has pushed the auction back to next Monday (27 June).
According to Nortel, its technology, which is suitable for smartphones, covers 'nearly every aspect of telecommunications and additional markets as well'.
Nortel filed for bankruptcy in January 2009 following a loss of $5.8billion. However, by selling businesses, the company has since raised approximately $3bn to pay creditors. The patents portfolio is the last of its major assets to be sold.