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11-23-2009, 06:19 PM
Avaya announced that it has received approval from the European Commission (EC) to proceed with its purchase of Nortel's Enterprise Solutions division. While the acquisition still has a few more regulatory hurdles to clear, it seems to be receiving approval left and right. The company believes the $915 million acquisition will be completed soon.
Earlier in November, Avaya secured approval for the deal under the Hart-Scott-Rodino Act as well as from the Canadian Competition Bureau. Canadian authorities had originally placed the deal under review, citing a provision in the "Investment Canada Act" that requires review of all foreign investments in Canadian companies exceeding $286 million. Prior to that, Avaya's acquisition of Nortel's Enterprise Solutions division met a series of approvals (http://www.fiercevoip.com/story/judge-rejects-verizons-challenge-avaya-nortel-es/2009-09-16) from a U.S. Bankruptcy court judge and a Canadian court judge.
Word on the street is that the acquisition could close as early as December 7.
For more:
- read this release (http://www.marketwire.com/press-release/Avaya-Inc-1079350.html)
Related articles
Avaya-Nortel deal clears Canadian hurdles (http://www.fiercevoip.com/story/avaya-nortel-deal-jumps-more-hurdles/2009-11-12)
Nortel's earnings are down, but VoIP is looking up (http://www.fiercevoip.com/story/nortels-earning-are-down-voip-looking/2009-11-17)
Nortel upgrades CS2000 (http://www.fiercevoip.com/story/nortel-voip-technology-upgrades-continue-despite-hardships/2009-10-22?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FV0)
Nortel Carrier VoIP still strong despite the company's Chapter 11 (http://www.fiercevoip.com/story/nortel-carrier-voip-still-strong-despite-companys-chaper-11-status/2009-09-21)
Avaya-Nortel deal hits Canadian snag (http://www.fiercevoip.com/story/avaya-nortel-deal-hits-canadian-snag/2009-09-24)
Avaya fires back at Verizon over Nortel bid (http://www.fiercevoip.com/story/avaya-fires-back-verizon-over-nortel-bid/2009-09-11)
Verizon seeks to block Avaya's Nortel bid (http://www.fiercevoip.com/story/verizon-seeks-block-avayas-nortel-bid/2009-09-10)
More... (http://www.fiercevoip.com/story/avaya-nortel-deal-gets-european-approval/2009-11-23?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FV0)
Earlier in November, Avaya secured approval for the deal under the Hart-Scott-Rodino Act as well as from the Canadian Competition Bureau. Canadian authorities had originally placed the deal under review, citing a provision in the "Investment Canada Act" that requires review of all foreign investments in Canadian companies exceeding $286 million. Prior to that, Avaya's acquisition of Nortel's Enterprise Solutions division met a series of approvals (http://www.fiercevoip.com/story/judge-rejects-verizons-challenge-avaya-nortel-es/2009-09-16) from a U.S. Bankruptcy court judge and a Canadian court judge.
Word on the street is that the acquisition could close as early as December 7.
For more:
- read this release (http://www.marketwire.com/press-release/Avaya-Inc-1079350.html)
Related articles
Avaya-Nortel deal clears Canadian hurdles (http://www.fiercevoip.com/story/avaya-nortel-deal-jumps-more-hurdles/2009-11-12)
Nortel's earnings are down, but VoIP is looking up (http://www.fiercevoip.com/story/nortels-earning-are-down-voip-looking/2009-11-17)
Nortel upgrades CS2000 (http://www.fiercevoip.com/story/nortel-voip-technology-upgrades-continue-despite-hardships/2009-10-22?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FV0)
Nortel Carrier VoIP still strong despite the company's Chapter 11 (http://www.fiercevoip.com/story/nortel-carrier-voip-still-strong-despite-companys-chaper-11-status/2009-09-21)
Avaya-Nortel deal hits Canadian snag (http://www.fiercevoip.com/story/avaya-nortel-deal-hits-canadian-snag/2009-09-24)
Avaya fires back at Verizon over Nortel bid (http://www.fiercevoip.com/story/avaya-fires-back-verizon-over-nortel-bid/2009-09-11)
Verizon seeks to block Avaya's Nortel bid (http://www.fiercevoip.com/story/verizon-seeks-block-avayas-nortel-bid/2009-09-10)
More... (http://www.fiercevoip.com/story/avaya-nortel-deal-gets-european-approval/2009-11-23?utm_medium=rss&utm_source=rss&cmp-id=OTC-RSS-FV0)