[August 27, 2010] Nortel to sell Multi Service Switch business for USD39m Tweet Aug 27, 2010 (TELECOMWORLDWIRE via COMTEX) -- Nortel Networks Corp (OTCBB:NRTLQ), a Canadian technology company currently under bankruptcy protection, announced today that it has entered into a preliminary agreement to sell its Multi Service Switch business for USD39m in cash. According to Canadian Press, the bid was submitted by PSP Holding LLC, an entity formed by Ottawa-based Samnite Technologies Inc and Marlin Equity Partners. The Multi Service Switch business provides non-optical equipment and employed around 300 people as of last autumn. The sale would include all of the MSS division's global assets, including its Data Packet Network and Shasta products division, which develops gateways and subscriber policy management systems. Under the proposed agreement substantially all MSS employees would continue to work under PSP control. The bid will require approval from the US and Canadian bankruptcy courts. Nortel began restructuring under bankruptcy protection in January 2009 and since then has sold almost all of its operating businesses to various buyers for USD3.2bn, according to CP. Comments on this story may be sent to [email protected] [ Back To TMCnet.com's Homepage ]