DOW JONES NEWSWIRES
Export Development Canada, Canada's export credit agency, said Saturday it is providing $300 million towards a $400 million credit facility for Nokia Siemens Networks' purchase of wireless assets from Nortel Networks Corp. (NRTLQ).
Toronto-based Nortel said Friday it has agreed to accept a $650 million bid by Nokia Siemens Networks for the most lucrative part of its carrier-networks division and a wireless-research unit. Nortel is liquidating, ending efforts to restructure in bankruptcy court, and will sell its businesses piecemeal.
EDC, in a press release, said it is providing the credit to ensure research & development jobs remain in Canada.
Nokia Siemens is a joint-venture between Nokia Corp. (NOK) of Finland and Germany's Siemen's AG (SI).