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Nortel to sell its venture capital investments for $23m

08 ноября 2010

Affiliates of Credit Suisse Group and Willowridge Partners are buying Nortel Networks Corp.'s stakes in 20 venture-capital funds.

Affiliates of Credit Suisse's alternative-investments group and Willowridge won the bidding for Nortel's venture-capital investments with an offer of nearly $23 million, court papers say.

Because the venture-capital interests were already exposed to a competitive sale process, Nortel is asking the U.S. Bankruptcy Court in Wilmington, Del., to approve the sale without a further auction.

Willowridge operates in the secondary market for private-equity investments, buying out the stakes of institutional investors such as Nortel that need to exit what are often illiquid holdings. It is already a limited partner in some of the venture-capital efforts Nortel is selling.

Nortel began investing in venture-capital funds in 1997, in part to gain access to early-stage communications technology, court papers say. The stakes it is selling are mostly limited partnerships.

The Canadian company filed for bankruptcy protection in 2009 and in June of that year began selling off its operating holdings. Sales so far have raised more than $3 billion for creditors. Nortel has yet to say what will become of its portfolio of technology patents, valued at about $1 billion.

Источник: Total Telecom

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