GENBAND Acquisition of Nortel's CVAS Assets Receives Courts' Blessing
Both U.S. and Canadian bankruptcy courts approve the deal, which can now proceed to closing.
March 3, 2010, Plano, Texas GENBAND, Inc., a leading developer of next-generation media, session and security gateway solutions, today announced that its agreement with Nortel to acquire substantially all assets of Nortels Carrier VoIP and Application Solutions Business (CVAS) has been approved by bankruptcy courts in Canada and the United States.
GENBAND announced on December 23, 2009, that it will purchase substantially all CVAS product platforms, all patents predominantly used and other IP exclusively used in Nortels CVAS business, including softswitching, gateways, SIP applications and TDM products and services. The agreement also provides for the transition of substantially all of Nortel's CVAS customer contracts to GENBAND. GENBAND anticipates closing the sale in the second quarter of 2010, which is subject to the satisfaction of customary closing conditions.