News Burst: Nortel purchases Bay Networks

The widely predicted merger between Canadian-owned telco Nortel and networking vendor Bay Networks was confirmed today. Following the deal worth $9.1bn, Bay Networks will continue to operate as a wholly-owned subsidiary of Nortel. In a statement, Nortel said: "This creates a new kind of company that will be the first to deliver mission-critical IP integrated networks that will reach anyone, anytime, at any place in the world"