The United States Federal Trade Commission has approved both Googleâ€™s and Intelâ€™s preliminary bids for former Canadian networking giant Nortel Networks after weeks of deliberation. Google has already bid $900 million for the assets, which range from 6,000 patents to satisfy bankruptcy obligations. The patents in question cover 3G/4G wireless, internet, voice, data, optical networking, semiconductors, and other assorted technologies. The new approvals also follow Appleâ€™s approval to bid on the patent pool earlier this month with RIM expressing interest.
Nortel Networks went bankrupt in 2009 after years of poor results and became better known for an accounting scandal in 2001 that led to the arrest and subsequent conviction of three former executives, while the company made multiple efforts to diversify its communications business by having a hand in developing products for each major wireless standard with joint ventures that ultimately went nowhere once it declared bankruptcy. Should the sale of the patent pool be completed as expected, it is expected to fetch an eight figure purchase price, which the company hopes to use to settle its outstanding debts. The auction is expected to begin on June 27th.