Hitachi to Acquire Packet Core Assets from Nortel

Hitachi agreed to certain assets from Nortel that are associated with the development of next generation packet core network components (excluding legacy packet core components for $10 million. The assets, which come from Nortel's GSM and UMTS businesses, include software to support the transfer of data over existing wireless networks and the next generation of wireless communications technology, including relevant non-patent intellectual property, equipment and other related tangible assets, as well as a non-exclusive license of certain relevant patents and other intellectual property.

Consummation of the transaction is subject to approval by the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice as well as the satisfaction of regulatory and other customary conditions. The sale is expected to close in 2009.
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