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News from Reuters

Nokia Siemens, One Equity bid for some Nortel assets

18/11/09

NEW YORK (Reuters) - Nokia Siemens Networks and private equity firm One Equity Partners have jointly bid for Nortel Networks Corp's optical networking and carrier ethernet business, a person familiar with the sale said on Wednesday.

Last month, the bankrupt Canadian telecommunications equipment maker said that Ciena Corp's cash-and-stock bid would be the stalking horse offer for these assets.

The Ciena offer of $390 million in cash and 10 million in Ciena shares set a floor price for these assets and allowed Nortel to seek competing offers.

Offers for the assets were due Nov 17. Nortel said on Wednesday the final auction will be held on Nov 20.

One Equity Partners manages $8 billion for JPMorgan Chase & Co in private equity investments.

Representatives for Ciena and JPMorgan were not immediately available. A spokesman for Nortel declined to comment.

(Reporting by Anupreeta Das; editing by Carol Bishopric)

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