Nortel Networks Corp. has received court approvals in Canada and the United States to move forward with the sale of its patent portfolio. The courts approved the the “stalking horse” bid for $900 million made by Ranger Inc., a unit of Google Inc. (GOOG).
The U.S. Bankruptcy court for the District of Delaware and the Ontario Superior Court of Justice both approved the sale agreement. Other bidders must now submit their offers by June 13 and the auction is currently set to take place on June 20.
Courts sign off on Nortel's patent portfolio sale, auction set for June 20
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