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Technology Stocks : Alcatel-Lucent (ALU)

ALU 3.460

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Mar 3 4:00 PM EST

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From: Eric L	12/4/2006 11:08:52 AM
	of 176

Nortel UMTS Unit to Alcatel-Lucent • Definitive sale agreement signed. • $320 million sale price • 1,700 employees • Closing within 90 days >> Nortel Sells Radio Business to Alcatel-Lucent Reuters (Toronto) Monday December 4, 2006 Canada's Nortel Networks Corp. said on Monday it had signed a definitive agreement to sell its radio access business to telecommunications equipment group Alcatel-Lucent for $320 million. Nortel had signed a preliminary pact to sell its third generation (3G) universal mobile telecommunications system (UMTS) access unit to Alcatel in September. Alcatel-Lucent said about 1,700 people would join the group as a result of the deal. The companies have targeted a closing at "year-end, and in any event, a closing within 90 days of today's announcement." According to Nortel, the transaction will allow it to increase the resources dedicated to its strategic business priorities. Shares of Nortel, whose 1-for-10 stock split kicked in last week, closed at C$24.21 on the Toronto Stock Exchange on Friday while Alcatel-Lucent shares closed at $13.36 on the New York Stock Exchange. ($1=$1.14 Canadian). ### - Eric -

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