Canada OKs Avaya purchase of Nortel unit

AP News
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Posted: Dec 04, 2009 4:48 PM

Telephone and computer software company Avaya Inc. said Friday that Canada's minister of industry approved its acquisition of the enterprise solutions unit of Nortel Networks Corp.

Avaya agreed in September to buy Nortel Enterprise Solutions for $900 million, with an additional $15 million for an employee retention program.

The transaction has now been approved by governments in the U.S., Canada and European Union.

The privately held New Jersey-based company plans to close on the deal this month.

Nortel, based in Toronto, has since been selling its operations piece by piece since filing for creditor protection in January.