Canadian vendor Nortel has agreed to sell its multi-service switch business to PSP Holding, a special-purpose entity company created by private equity firm Marlin Equity Partners and communications group Samnite Technologies for US$39m.
The sale will…
Canadian vendor Nortel has agreed to sell its multi-service switch business to PSP Holding, a special-purpose entity company created by private equity firm Marlin Equity Partners and communications group Samnite Technologies for US$39m.
The sale will cover all of Nortel’s North America, Caribbean and Latin America and Asia multi-service switch business. There is also an agreement with Marlin for the sale of Nortel’s EMEA MSS assets.
Nortel will file the agreement with US and Canadian bankruptcy courts in order to establish a bidding process which will provide an opportunity for other interested parties to make their bids, in accordance with bankruptcy law.
Nortel does not expect common or preferred shareholders to benefit from this sale.
The partners behind PSP were not available for comment.
