There is a buyer for the last major unit of Nortel.
Carrier Voice Networks has a total of 2,200 employees, with more than 600 of them in Ottawa.
The unit has been substantially downsized. When the wireless unit was sold off in 2008, it had sales of $800 million. The bid on the table would see the entire unit sold for about $182 million.
GenBand of Texas made the offer on Wednesday, saying the company "will hire the vast majority of Nortel workers." It also plans to expand its presence in Ottawa and North Carolina.
"Certainly, this is the best decision we can do at this point in time, in light of circumstances," said Samih Elhage, who became president of the unit in 2008.
Months of negotiations with perspective buyers came up with this offer. It formally stands at $282 million, but Nortel says there are balance sheet adjustments that will mean GenBand will pay about $100 million less.
Early in January, Nortel will go to the courts to set a date for an auction to see if any other bidders might come forward with a better offer. An auction is likely in late January.
Nortel remains under court protection until the end of January, and is getting close to the final stages of the company's operation.
GenBand is based in Plano, Texas and is just 10 years old. Its sales are about $150 million.
