Ericsson wins Nortel auction

With a US1.13 billion bid, Swedish telecom Ericsson came away the winner of yesterday’s auction for Nortel’s wireless division, beating Nokia Siemens Networks and MatlinPatterson Global Advisers LLC. Based on the deal, Ericsson will hire a minimum of 2,500 employees from Nortel, which filed for bankruptcy protection in January. Ericsson’s bid is still subject to government and bankruptcy court approvals.

Bloomberg