Nortel Networks Corp. (NRTLQ) Enters Stalking Horse Agreement with Google for $900 Million
After filing bankruptcy just over two years ago, Nortel Networks Corp. is looking to sell its patent portfolio. It was announced today that the Company, through its principal operating subsidiary Nortel Networks Limited and certain other subsidiaries, has entered into a “Stalking Horse Agreement” with industry behemoth, Google, Inc. (NASDAQ: GOOG), to sell approximately 6,000 patents and patent applications covering a broad range of wired, wireless and digital communication technologies to Google for a cool $900 million in cash. This agreement, which is still subject to court approvals in the United States and Canada, follows a confidential, multi-round bidding process…