Bankrupt telecom company Nortel Networks announced on Friday that it had sold its juggernaut patent portfolio to a consortium made up of the likes of Apple, Microsoft, and RIM for a hefty sum of $4.5 billion cash.
The Department of Justice on Friday gave the go-ahead to Apple and Intel to bid on Nortel’s highly valued patent portfolio. The two high-profile firms follow Google as potential bidders.
The U.S. Justice Department’s antitrust authorities have approved Google’s $900 million bid for 6,000 Nortel patents, according to a Wall Street Journal report on Wednesday. The auction will take place June 20 and will likely change the legal landscape for tech companies.