Home > General > Nortel sells assets to Hitachi for $10 million

Nortel sells assets to Hitachi for $10 million

December 11, 2009 Leave a comment Go to comments

Japanese firm says deal will help its development of LTE equipment.

Hitachi Ltd. said Wednesday that it has bought software assets related to next-generation mobile communications systems from Nortel Networks Corp. for $10 million.

The Japanese electronics conglomerate said the acquisition will help its development of equipment for Long Term Evolution mobile technology, a fourth generation technology that promises faster download speeds than third-generation mobile technology.

The acquisition includes intellectual property, equipment and other assets.

“With demand in the LTE market expected to expand worldwide going forward, Hitachi has decided to conduct this acquisition in order to quickly enter the LTE field on a global basis,” the company said the statement.

Parts of Nortel’s assets have been sold in a number of auctions after Toronto-based Nortel filed for bankruptcy protection in January this year.

Late November, Swedish network equipment vendor L.M. Ericsson Telephone Co. said it would buy Nortel’s global system for mobile communications, or GSM, business in the U.S and Canada for $70 million, after buying the bulk of its second-generation mobile networks.

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