Apple (AAPL), Microsoft (MSFT) Group Wins Multi Billion Bid for Large Nortel Patent Portfolio

Nortel Networks has sold its 6,000 patent portfolio to a consortium made up of Apple (Nasdaq: AAPL) and Microsoft (Nasdaq: MSFT) for $4.5 billion in cash.

Others in the group include Research In Motion (Nasdaq: RIMM), Sony (NYSE: SNE), Ericsson (Nasdaq: ERIC), and EMC (NYSE: EMC).

Google (Nasdaq: GOOG) and Intel (Nasdaq: INTC) lost in the bidding war.

Google orignially made a $900 million "stalking horse" bid in April for the assets. However, the sale was delayed after Nortel said it has seen "significant interest" in the portfolio.

Closing is expected in Q311, pending approval of U.S. and Canadian bankruptcy courts.

Jefferies served as financial advisor to the creditors of Nortel on the sale.

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