Avaya-Nortel deal gets European approval

Avaya announced that it has received approval from the European Commission (EC) to proceed with its purchase of Nortel's Enterprise Solutions division. While the acquisition still has a few more regulatory hurdles to clear, it seems to be receiving approval left and right. The company believes the $915 million acquisition will be completed soon.

Earlier in November, Avaya secured approval for the deal under the Hart-Scott-Rodino Act as well as from the Canadian Competition Bureau. Canadian authorities had originally placed the deal under review, citing a provision in the "Investment Canada Act" that requires review of all foreign investments in Canadian companies exceeding $286 million. Prior to that, Avaya's acquisition of Nortel's Enterprise Solutions division met a series of approvals from a U.S. Bankruptcy court judge and a Canadian court judge.

Word on the street is that the acquisition could close as early as December 7.

For more:
- read this release

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