March 3, 2010 / 11:35 PM / 8 years ago

Nortel gets U.S., Canadian court OK to sell unit

(Reuters) - Nortel Networks Corp said it received U.S. and Canadian court approval for the sale of its carrier Voice over Internet Protocol and application solutions business to Genband Inc for about $182 million.

<p>A sign is pictured outside Nortel's Carling Campus in Ottawa August 10, 2009 file photo. REUTERS/Blair Gable</p>

The company received orders from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice approving the asset sale agreement with Genband, Nortel said in a statement.

Under the agreements, Genband will pay a total of $282 million, subject to balance sheet and other adjustments currently estimated at about $100 million, for a net purchase price of about $182 million.

Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair

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