The economy has been very tough on many technology companies. Some of the largest companies in the industry have been hit hard and forced to lay off workers and report losses. Cellular infrastructure provider Nortel was forced into bankruptcy by the global economy.
Nokia has announced that it has entered into an agreement with Nortel to buy the firm’s CDMA and LTE holdings. The purchase will allow Nokia to expand its infrastructure presence in North America. Nokia says that the purchase will cost it $650 million.