Nokia has announced that it has taken a big step towards leadership in the LTE arena with a purchase agreement in effect to buy Nortel's LTE and CDMA assets. The purchase will cost Nokia $650 million and bring the assets of the two companies together.

The purchase of the CDMA gear of Nortel will allow Nokia Networks to gain more infrastructure in America. The purchase is funded in part by a Canadian government owned credit agency that provided a $300 million loan to Nokia.

The purchase is subject to approval by the U.S. Bankruptcy Court and the Ontario Superior Court of Justice. Hearings on the purchase will be conducted on or before June 29 with final hearing expected on July 28 in the U.S. and July 30 in Canada. The transaction is expected to close in Q3.

Via Nokia