A planned alliance between communications equipment maker Nortel Networks and email pager maker
Published:
24 January 2000 y., Monday
The two Canadian-based companies said on Tuesday they had entered a research and marketing deal that would see Nortel invest US$25 million into RIM. Not only do they intend to cooperate in the creation of future wireless Internet technologies, but they will sell RIM_s products globally.
Nortel makes networking and other products designed to push more video, voice, and data
down pipelines and sells them to phone companies trying to cope with exploding Internet
usage.
Analysts said the deal gives Nortel, headquartered in Brampton, Ontario, a chance to get an inside look at the burgeoning wireless technology industry. RIM's palm-sized products provide email and Internet access.
The $25 million is tiny for multibillion-dollar Nortel, said John Kim, a portfolio manager at Transamerica GrowSafe, but "it does give them a window on emerging new handheld technologies that are out there." Waterloo, Ontario-based RIM will benefit from its ability to piggy-back on Nortel_s sales links with phone companies around the globe. Nortel_s investment in RIM will be at prevailing market prices and is subject to regulatory approval. Investors reacted with approval for both RIM and Nortel. RIM (RIMM) shares climbed C$7.25 or 9.9 percent to C$80.25 on the Toronto Stock Exchange by early afternoon on Tuesday, edging closer to its 52-week high of C$92. In Toronto, Nortel (NT) rose C$2.45 to C$137.65. Last year investors and analysts lauded RIM_s products, sending the stock soaring from a 12-month low of C$10.40.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
During the meeting, which took place on 3 September 2009 the Bank of Lithuania approved the transaction, according to which AB Bank SNORAS will acquire 100 percent of the shares of AB “Finasta įmonių finansai” owning AB bank “Finasta”.
more »
The European Commission tabled yesterday its proposal on fishing possibilities for fish stocks in the Baltic Sea for 2010.
more »
Members of the Civil Liberties Committee voiced concern on Thursday over the interim agreement under negotiation between the EU and the United States on data transfers via the SWIFT network.
more »
Consumers in Cyprus, the Czech Republic, Hungary, Poland, Romania and Slovenia now have access to consumer magazines and websites, which provide independent, comparative testing of consumer products, following a three-year EU project co-financed by the European Commission.
more »
Funds management company “SNORAS Asset Management” will establish the first alternative investment fund in Lithuania - “SAM Renewable Energy Fund”.
more »
The re-launched Lisbon Partnership for growth and jobs has put innovation and entrepreneurship at the centre and called for decisive and more coherent action by the Community and the Member States in view of mastering the shift towards knowledge based low carbon economy.
more »
Helping dairy farmers now, as well as restructuring the dairy sector in the long run, is the way out of the current milk market crisis, Agriculture Committee MEPs told Agriculture Commissioner Mariann Fischer Boel in a debate on Tuesday.
more »
The EU is phasing out traditional light bulbs over the next three years in favour of a new generation of energy-efficient lighting.
more »
Lithuania increases the VAT rate from 19 % to 21 % from September 1, 2009.
more »
Two recent joint missions from three development finance institutions helped Thailand identify low carbon projects that could be eligible for Clean Technology Fund financing.
more »