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Edition: U.S. Article Comments (1) Technology Apple-Samsung battle may spur supplier shakeup Target to sell new electronic reader Einhorn dumps Yahoo stake after Alipay dispute Exclusive: WikiLeaks loses Icelandic financial lifeline Social games firm DeNA seeks aquisitions Google's Schmidt sees room for many social networks Elpida to raise $990 million for new chips Verizon crunches numbers for you — or tries to Video: Microsoft taps student innovation More technology news Follow Reuters Facebook Twitter RSS YouTube Read Scientists find first superbug strain of gonorrhea 4:35am EDT US kidnap victim Dugard says why she couldn't escape 1:45pm EDT Assad loyalists storm U.S. and French embassies in Syria 4:14pm EDT Exclusive: EU calls emergency meeting as crisis stalks Italy 10 Jul 2011 Obama increases pressure on Republicans on debt | 4:32pm EDT Discussed 103 Jury resumes deliberations in Casey Anthony murder trial 89 Asia pollution blamed for halt in warming: study 79 Obama, lawmakers meet for 75 minutes on debt impasse Watched William and Kate take Hollywood by storm Sat, Jul 9 2011 Royal humor ahead of Polo match Sat, Jul 9 2011 Obama aiming for big debt deal Sun, Jul 10 2011 Courts approve Nortel patent sale to Apple/RIM group Tweet Share this Email Print Related News Murdoch delays BSkyB bid; Brown a hacking target 4:10pm EDT Samsung quarterly profit falls as weak LCDs overshadow mobiles Thu, Jul 7 2011 Bank of America $8.5 billion mortgage pact challenged Tue, Jul 5 2011 Google, Microsoft sued over map technology Tue, Jul 5 2011 Apple/RIM group top Google in $4.5 billion Nortel sale Fri, Jul 1 2011 Analysis & Opinion What damage could Rebekah Brooks do to News Corp? News Corp non-execs need to step up Related Topics Technology » Media » Steve Jobs » A sign is pictured outside Nortel's Carling Campus in Ottawa August 10, 2009. Credit: Reuters/Blair Gable By Tom Hals WILMINGTON, Delaware | Mon Jul 11, 2011 1:50pm EDT WILMINGTON, Delaware (Reuters) - Apple Inc, Microsoft Corp, Research in Motion Ltd and three other leading tech companies received court approval on Monday to buy wireless patents from the bankrupt Nortel Networks Corp for $4.5 billion. Judges in the United States and Canada approved the sale of 6,000 patents and applications, which fetched three times what some analysts expected from the four-day auction in June. Nortel Networks Corp filed for bankruptcy protection from creditors in January 2009 and courts in the two countries are overseeing the disposal of the company's assets as the former telecommunications giant winds down its operations. The group of six that won the auction, a collection that bid as Rockstar Bidco LP, also included EMC Corp, Ericsson and Sony Corp. The auction was "record breaking in terms of this case and in the patent industry generally," Lisa Schweitzer of Cleary Gottlieb Steen & Hamilton LLP, which represents Nortel, told a Delaware Bankruptcy Court hearing. The auction started with a "stalking horse" bid of $900 million by Google Inc, a company with a relatively small pool of wireless patents in a booming industry increasingly fraught with lawsuits over intellectual property. The price paid after 19 rounds of bidding indicated the lengths the Apple group was willing to go to thwart the mobile ambitions of Google, according to analysts. The winning group would likely try to maximize their return on the patents by using them to litigate against others, with Google and its Android mobile phone software first on the list, analysts said. Also bidding were Intel Corp and RPX Corp, which licenses patents to clients for a fee. Apple initially bid on its own, but partnered with the Rockstar group after round five. The sale spans wireless, data networking, optical, voice, Internet and semiconductor technologies. The most prized relate to emerging 4G standards such as long-term evolution (LTE). RECOVERY FOR BONDS? Several large technology companies such as Verizon Communications Inc and Hewlett-Packard Co objected to the sale. Most objections were resolved by reiterating the sale did not negate licensing agreements involving the patents included in the sale. Delaware bankruptcy judge Kevin Gross said it would be a "$4.5 billion mistake" not to approve the sale. The transaction is expected to close in about a month, according to Schweitzer. The money will become part of the Nortel estate and will eventually be distributed to creditors that range from suppliers to investors holding the company's bonds. "This is truly a 'wow' transaction," said David Botter of Akin Gump Strauss Hauer Feld LLP, which represents the official committee of creditors. This sale fetched a higher price than all of Nortel's other asset sales combined. Nortel has now raised almost $8 billion from asset sales. The July 1 announcement of the auction outcome pushed some of Nortel's bonds above par, indicating traders are speculating the money from the sale could lead to the certain bonds being paid in full. The hearing was held simultaneously by way of a telecast with the Ontario Superior Court of Justice, where it was approved by judge Geoffrey Morawetz. Nortel is based in Mississauga, Ontario. The case is In re: Nortel Networks Inc, U.S. Bankruptcy Court for the District of Delaware, No. 09-10138. (Reporting by Tom Hals; editing by Andre Grenon) Technology Media Steve Jobs Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) socratesfoot wrote: If they’d done that in the first place they wouldn’t have had to declare bankruptcy. Jul 11, 2011 4:45pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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