Radware Ltd. (NasdaqGS: RDWR) entered into an asset purchase agreement to acquire certain portions of Application Delivery business from Nortel Networks Corp. (OTCPK: NRTL.Q) for $17.7 million on February 19, 2009. The assets to be acquired under the agreement include Nortel’s Layer 4-7 application delivery products, intellectual property, certain tangible assets and inventory and certain service contracts.
Radware also plans to take on certain employees who will be ... integrated into the Radware team with a specific focus on products under the Radware Alteon brand. The products from the acquired business will be available from Nortel also in an OEM relationship with Radware. Consummation of the transaction is subject to higher or otherwise better offers, approval by the United States Bankruptcy Court for the District of Delaware, and the Ontario Superior Court of Justice and the satisfaction of other conditions. Oppenheimer & Co. Inc. acted as the financial advisor and Kramer Levin Naftalis & Frankel LLP acted as legal advisor to Radware.