Ericsson latest to bid for Nortel wireless


Ericsson latest to bid for Nortel wireless

Alex Scroxton

The flurry of last-minute bids for Nortel's wireless business is continuing as reports emerge that Swedish comms giant Ericsson is planning to stump up $730m for the unit.

The Swedish outfit has thrown almost $100m more into the pot than their rivals across the Baltic Sea at Nokia, who initially bid $650m for Nortel's CDMA and LTE Access business at the end of June.

Ericsson also trumps an offer of $725m made just yesterday by US-based private equity firm and Nortel creditor Matlin Patterson.

An Ericsson spokesperson told Reuters the vendor would participate in the process "to the point it makes sense".

Nokia Siemens still holds an ace, however, as under the terms of the stalking horse deal it signed with Nortel it is entitled to match or better other bids if it wants to.

The court-mandated auction is scheduled to take place on Friday.

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