Nortel sale to Ericsson approved by courts

Multiple news sources are now reporting that bankruptcy courts in both Canada and the U.S. have approved the sale of Nortel's wireless assets to Sweedish telecom company Ericsson.

Barring an intervention from the government, this ruling means Ericsson's $1.13 billion purchase is official with a transition expected in Q3.

For the money spent, Ericsson has gained 2,500 employees from Nortel, including 400 engineers working on next-generation wireless technology along with patents for CDMA and LTE technology.