Despite Nortel's best efforts, only one company put in a bid to buy the last major business unit of the former tech giant.

Nortel announced Wednesday that it would not hold an auction sale and that GENBAND has acquired the Carrier and Voice Solutions unit for a net price of $182 million.

The Plano, Texas firm is one of the fastest growing U.S. telecom firms making a number of acquisitions. The Nortel CVAS unit, as it's called, has 2,200 employees around the world, with about 600 in Ottawa.

In its news release today Nortel says "a significant majority of workers will have a chance for jobs with GENBAND."

Sources tell CTV News that GENBAND is aiming to hire about 75 percent of workers, and that comes pretty close to court filings of two months ago when GENBAND said it was aiming to hire 1,638 of the total workforce. That would mean about 150 jobs could be lost in Ottawa.

GENBAND plans a conference call discussion Thursday with more details on their plans.

CVAS was the only unit at Nortel that saw sales increases in the third quarter of last year, with sales of over $200 million. GENBAND has something around 500 employees, so this is a major acquisition for them and the deal is expected to close sometime in the spring of this year.

The deal will go before the courts for approval a week from today. The bid by GENBAND was first made public just before Christmas and Nortel hoped other bids would materialize, but none did before yesterday's deadline.

A spokesperson for Nortel says other unnamed companies expressed interest but none made a bid.

In a news release today, Charles D. Vogt, president and CEO of GENBAND, said "This acquisition will…create the industry's most comprehensive Carrier VoIP portfolio. This move will put GENBAND in a unique position to cost-effectively transform today's legacy switching infrastructure for customers around the world. We look forward to integrating Nortel's CVAS products and welcoming their talented CVAS employees to GENBAND."