The Wall Street Journal reports that Nortel Networks has agreed to sell to Genband its division that makes network equipment for phone calls over the Internet for about US$182 million, after failing to attract additional bidders for the business. Nortel had scheduled an auction for today. However, no other company bid against Genband’s offer. Bids were due Tuesday. The operation is also the first of Nortel’s businesses that didn’t draw multiple bidders.
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