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Broadband

Nortel puts LG-Nortel stake up for sale

Thursday 28 May 2009 | 08:52 CET | News
Nortel is putting its stake in the enterprise equipment venture LG-Nortel up for sale. Nortel holds 50 percent plus one of the shares in the joint venture with LG Electronics. The company underlined that LG-Nortel is a profitable, standalone business, which has not field for creditor protection under Nortel's debt restructuring proceedings. The business achieved an operating profit of USD 341 million, or 27 percent, in 2008. Nortel said it had agreed the sale with LG and appointed Goldman Sachs to lead the sale process. The final sale will require approval by LG as well as the Ontario Court

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Categories: Fixed
Companies: LG Electronics Benelux / LG-Nortel / Nortel
Countries: World
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