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EDC provides support to Nokia Siemens Networks for purchase of Nortel wireless assets

Posted on: Sat, 20 Jun 2009 10:04:00 EDT

Symbols: SI

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OTTAWA, Jun 20, 2009 (Canada NewsWire via COMTEX) --
SI | Quote | Chart | News | PowerRating -- EDC announced today it is providing $300 million towards a $400 million credit facility for Nokia Siemens Networks (NSN) for the purchase of wireless assets from Nortel Networks, ensuring R&D jobs remain in Canada.

"Nokia Siemens has been expanding its presence in Canada for many years and this transaction will further its North American expansion," said Paul Day, Vice-President, Information and Communication Technology at EDC. "EDC's participation in this transaction will help ensure that we keep Canadian know-how and capability in Canada."

Nortel is currently operating under bankruptcy protection. NSN's bid, which is for the assets in Nortel's wireless division, sets the price base and starts a court-monitored auction process where anyone can bid for specified assets.

Specifically, NSN is bidding for Nortel's Code Division Multiple Access (CDMA) and Long Term Evolution (LTE) wireless technology, as well as intellectual property rights and customer contracts. CDMA is considered a driving force behind wireless networks. LTE is the next-generation network that enables fixed to mobile migrations of Internet applications and provides capacity to support these mobile applications.

"EDC has been working closely with NSN and Nortel on this transaction from the beginning," said Mr. Day. "One of the guiding principles we had established was the need for a national interest aspect to our involvement, to which NSN had to agree."

To that end, EDC's participation in the deal intends to ensure that as many skilled, professional and R&D jobs as practical remain in Canada.

"We are delighted to have EDC support for this transaction," said Luca Maestri, Chief Financial Officer of Nokia Siemens Networks. "NSN is committed to Canada as an important center of excellence for next-generation wireless technology."

NSN, with its headquarters in Finland, is a global leader in telecommunications systems. It is one of the largest telecommunications hardware, software, and professional services companies in the world.

EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.

SOURCE: Export Development Canada

Media contact: Phil Taylor, Public Affairs, Export Development Canada, (613)
598-2904, ptaylor@edc.ca

For full details on Siemens Aktien (SI) SI. Siemens Aktien (SI) has Short Term PowerRatings at TradingMarkets. Details on Siemens Aktien (SI) Short Term PowerRatings is available at This Link.

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