Thursday, March 4, 2010
GENBAND Gets Approval On Nortel CVAS Buy
Plano-based GENBAND reported late Wednesday that it has received approval from bankruptcy courts in Canada and the US, to acquire Nortel's Carrier VoIP and Application Solutions Business (CVAS). GENBAND had said it would buy the CVAS business from Nortel on December 23rd. The deal is worth approximately $282M, and is being funded by One Equity Partners and JPMorgan Chase & Co. GENBAND said Nortel's products will be combined with its next generation media, session, and security gateway technologies.