June 29, 2011 / 11:41 AM / in 6 years

UPDATE 1-Wi-LAN buys 60 mobile patents for $8 mln

June 29 (Reuters) - Canadian patent licensing firm Wi-LAN Inc has bought a portfolio of about 60 mobile communication patents from Glenayre Electronics Inc for $8 million in cash.

The Glenayre patents cover certain common mobile phone functions, including messaging and wireless data transmission, the company said in a statement.

Wi-LAN, which was in the fray to acquire bankrupt Nortel Network’s prized patents, now has more than 1400 patents in its kitty.

Shares of the Ottawa-based company closed at C$7.42 on the Toronto Stock Exchange. The company’s stock closed at $7.57 on Nasdaq, where it made its debut at the start of the month. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Savio D‘Souza)

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