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RIM Participates in Winning Bid for Nortelâ€™s Patent PortfolioBy Benzoon | July 4th, 2011 | No Comments »
Waterloo, ON – As announced separately today by Nortel Networks Corporation, a consortium of certain technology companies, of which Research In Motion Limited (“RIM”) (Nasdaq: RIMM; TSX: RIM) is a part, emerged as the winning bidder for all of Nortel’s remaining patents and patent applications for a cash purchase price of USD$4.5 billion. RIM’s portion of the purchase consideration is approximately USD$770 million. The sale is subject to applicable Canadian and United States court approvals. Nortel plans to work diligently with the consortium to close the sale in the third quarter of 2011.
NORTEL ANNOUNCES THE WINNING BIDDER OF ITS PATENT PORTFOLIO FOR A PURCHASE PRICE OF US$4.5 BILLION
June 30, 2011
TORONTO – Nortel Networks Corporation [OTC: NRTLQ] announced that it, its subsidiary Nortel Networks Limited (NNL), and certain of its other subsidiaries, including Nortel Networks Inc. and Nortel Networks UK Limited (in administration), have concluded a successful auction of all of Nortelâ€™s remaining patents and patent applications. After a multi-day auction, a consortium emerged as the winning bidder with a cash purchase price of US$4.5 billion. The consortium consists of Apple, EMC, Ericsson, Microsoft, Research In Motion and Sony.
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.
“Following a very robust auction, we are pleased at the outcome of the auction of this extensive patent portfolio”, said George Riedel, Chief Strategy Officer and President of Business Units, Nortel. “The size and dollar value for this transaction is unprecedented, as was the significant interest in the portfolio among major companies around the world.”
The sale is subject to applicable Canadian and U.S. Court approvals which will be sought at a joint hearing expected to be held on July 11, 2011. Nortel will work diligently with the consortium to close the sale in the third quarter of 2011.
As previously announced, Nortel does not expect that the Companyâ€™s common shareholders or the NNL preferred shareholders will receive any value from Nortelâ€™s creditor protection proceedings and expects that the proceedings will result in the cancellation of these equity interests.
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