Nortel Networks has agreed to sell its CDMA business and LTE access business to Nokia Siemens Networks for $650m.
Nortel, which filed for Chapter 11 bankrupcy protection in January, announced that it is also in discussions with external parties to sell its other businesses.
"The company will assess other restructuring alternatives for these businesses in the event it is unable to maximize value through sales," said Nortel.
Nortel is also to delist its shares from trading on the Toronto Stock Exchange.
"Maximizing the value of our businesses in the face of a consolidating global market has been our most critical priority. We have determined the best way to do this is to find buyers for our businesses who can carry Nortel innovation forward, while preserving employment to the greatest extent possible," said Nortel president and CEO, Mike Zafirovski.
The business employs around 2,500 staff globally.