EU okays Avaya's takeover of Nortel unit

BRUSSELS, BELGIUM: U.S. telecom equipment maker Avaya Inc received European Union regulatory clearance on Thursday for its planned buy of assets owned by bankrupt Canadian peer Nortel Networks Corp.

Avaya is buying Nortel's enterprise business which builds networks and voicemail systems for companies and government agencies, for about $900 million. "After examination, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it," the European Commission said in a statement.

Nortel filed for bankruptcy protection in January and is selling off assets to repay creditors.