Nortel Networks Corporation announced that its principal operating subsidiary Nortel Networks Limited has completed the sale of its 50% plus 1 share interest in LG-Nortel Co. Ltd., the company’s Korean joint venture with LG Electronics Inc., to Telefonaktiebolaget LM Ericsson for a purchase price of US$242 million in cash subject to certain purchase price adjustments.

“On behalf of Nortel, I wish to thank the management and employees of LG-Nortel for their tremendous effort in making this a successful venture”, said Paul House, the outgoing Chairman of the Board of the joint venture. “LG-Nortel is now in excellent hands with Ericsson as the new majority shareholder”.

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