LG-Nortel JV dissolving but who is buying?

Natalie Apostolou
04 Sep 2009
00:00

Conflicting reports have emerged over which vendors have been shortlisted for the acquisition of Nortel Network’s stake in JV LG-Nortel.

According to South Korea’s edaily, Alcatel-Lucent and Sony Ericsson have been shortlisted along with private-equity firms One Equity Partners and Skylake Incuvest & Co.

Sony Ericsson has denied any interested in acquiring the 50% stake, according to Reuters. “It's definitely not us. There must be some kind of confusion,” a Sony Ericsson's spokesperson said. Alcatel-Lucent declined to comment.

Nortel has confirmed to press that the divestment is progressing with multiple undisclosed bidders, following reports a day earlier that LG claimed that the stake was not for sale.

Goldman Sachs is handling the transaction, although the vendor would not be drawn on how much the stake is worth.

The LG-Nortel venture was formed in 2005 and had revenues last year of around €700 million.

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