Mergers and Acquistions News
Categories: Telecoms
October 20th 2010, 17:11PM
Telecoms products manufacturer Nortel Networks Corporation will sell its massive Ottawa Carling campus to the Canadian government for CAD$208 million (£128 million).
The firm said the move is part of its attempt to maximise value for its shareholders. Nortel is bankrupt and the selling off of its flagship base is a major sign of that – it has been the hub of the firm since its very inception.
Nortel's Ottawa Carling campus, spread across 370 acres and housing 11 interconnected buildings over two million sq ft, is expected to be used by Canada's Department of National Defence.
However, as part of the transaction, the firm will be allowed to use parts of the site for different periods of time as it concentrates on its global restructuring strategy.
The sale, targeted to close at the end of the year, is subject to customary closing conditions as well as approval of certain governmental authorities.
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