Bankruptcy courts approve Nortel CVAS sale to GENBAND

Nortel just got approval from the bankruptcy courts in the U.S. and Canada that they could go through with the sale of their Carrier VoIP and Application Solutions (CVAS) assets to GENBAND.

Apparently, the deal still requires the approval of Israeli courts. After that, the companies hope to work through the second quarter of 2010 to transfer the assets, products and customer accounts over to GENBAND.

According to the agreement, GENBAND will pay a purchase price of $282 million, subject to balance sheet and other adjustments currently estimated at approximately $100 million for a net purchase price of approximately $182 million. GENBAND launched a stalking bid for Nortel's CVAS unit in December 2009.

For more:
- read the release

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