Nortel Networks wins $2bn contract from Verizon Wireless

12/20/06 - newratings.com

NEW YORK, December 20 (newratings.com) – Nortel Networks Corp Holdings (NT), the largest manufacturer of telephone equipment in North America, Tuesday announced that it has entered into a five-year contract with Verizon Wireless, worth $2 billion, to upgrade its high-speed network.

Toronto-based Nortel Networks said that the upgrades will enable Verizon Wireless to offer customers faster access to music and video features. The companies said that the deal is targeted at expanding the quality and reach of Verizon Wireless’ network in the US. Richard Lowe, president of Nortel Networks’ mobility and converged core networks, said, "Nortel is making it simple for Verizon Wireless to expand its network to meet this demand and to competitively drive new services to market." Verizon Wireless intends to deploy additional CDMA2000 radio base stations as part of the agreement.