Skadden’s London outpost picks up call from Nokia on Nortel acquisition

Skadden Arps Slate Meagher & Flom’s London arm has advised as Nokia Siemens Networks picked up part of Nortel Network’s business for $650m (£397m).

London-based restructuring co-head Lynn Hiestand took the lead on the deal, which saw Nokia Siemens purchase Nortel’s advanced wireless technology business, working alongside UK corporate partners Scott Simpson and Michal Berkner along with Simpson.

Skadden has mainly advised Nokia Siemens in the US; however, Simpson has acted for the company in the UK on other deals in the past.

Cleary Gottlieb Steen & Hamilton took the lead for Nortel Networks, with the sale prompted by Nortel filing for Chapter 11 in the US and going into administration in the UK in January.

Cleary fielded a team from its New York office on the sale including M&A partners Paul Shim, Dan Sternberg and Donald Stern while partners Jim Bromley and Lisa Schweitzer advised on bankruptcy matters.

Cleary has also been advising Nortel in the US in relation to the Chapter 11 filing. The company turned to Ogilvy Renault on Canadian proceedings, with Herbert Smith advising Ernst & Young as administrator in the UK.

Skadden’s Hiestand said of Nokia’s acquisition: “Negotiating M&A transactions in the context of a restructuring – in this case under US bankruptcy rules – is something of an art form, knowing as a buyer that your bid will be subject to competitive bidding. This acquisition is a favourable move for Nokia Siemens Network as it significantly expands their platform in North America.”

The Nokia Siemens Network is a 50-50 joint venture formed in April 2007 between the network businesses of Nokia and Siemens.

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