Nortel Networks Corp. said Wednesday it has agreed to sell nearly all the assets of its Carrier Voice over Internet Protocol and Application Solutions business globally to Genband Inc. for $282 million.
Nortel, based in Toronto, has been selling its operations piece by piece since filing for creditor protection in January.
Nortel's assets in North America, the Caribbean, Latin America and Asia are being offered under a "stalking horse" asset sale agreement, in which a debtor tries to maximize the value of its assets before a bankruptcy auction.
The company said "a significant majority" of the division's employees will have the opportunity to work for Genband.
Genband Inc., based in Plano, Texas, is a provider of Internet protocol multimedia and infrastructure products.