Nortel has confirmed today it has entered into a sale agreement with Swedish-based Ericsson Corp. to buy Nortel’s CDMA Business and LTE Access Assets for $1.13 billion following Nortel’s liquidation.

Nortel President and CEO Mike Zafirovski said in a statement today, “[The sale] represents a very positive prospect for our customers who will be able to continue their relationships with a long term partner; for employees who will have new opportunities at Ericsson and for many of our other stakeholders. I want to especially thank our customers for their tremendous support during the process, which contributed to such a positive outcome.”

Canadian firm rivaling the bidding process, Research In Motion (RIM) could not enter a bid because of apparent issues with Nortel’s terms.

There will be a one-hour Nortel conference call this Monday at 10am to discuss the sale.

Please review our previous coverage on why RIM (who offered $1.1 billion) was shot out from the bidding process.