Financial Times FT.com

Nortel eyes LG venture exit

By Sundeep Tucker in Hong Kong, Song Jung-a in Seoul and Paul Taylor in New York

Published: April 28 2009 23:09 | Last updated: April 28 2009 23:09

Nortel Networks, the troubled Canadian telecommunications equipment maker, is looking to sell its controlling stake in a South Korean joint venture to raise desperately needed cash.

People familiar with the situation said that Nortel had hired Goldman Sachs to find a buyer for its 50 per cent stake plus one share in LG-Nortel, the telecommunications equipment maker in which LG Electronics is the other partner.

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