Avaya To Acquire Nortel Unit For $475 Million

Note: Headnote: Nortel's Enterprise Solutions unit provides communications and telephone gear to businesses and carriers throughout the world.

Nortel Networks announced the sale of the majority of its Enterprise Solutions unit to Avaya Inc. for $475 million as the Canadian networking firm continued to sell off major pieces of its once-thriving company.

The agreement is a "stalking horse" deal, which leaves an opportunity for other firms to bid on the Nortel unit. Last month, Nortel agreed to sell its CDMA...