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NORTHERN TELECOM SPINS OUT ITS SECURE NETWORKS ARM

Northern Telecom Ltd has spun off its Secure Networks unit, which provides infrastructure software products for the encryption and digital signature of information for the secure network market, but will retain a majority stake in the new company. Newly-formed Entrust Technologies Inc will be based in Ottawa, Ontario and will carry on the business of the Secure Networks unit. Olympus Partners Inc, J P Morgan Investment Management, Societe Generale SA, T Rowe Price Threshold Funds and Donaldson, Lufkin & Jenrette are backing the buyout and have invested about $26m in the company’s shares in a private placing. Northern Telecom did not give the unit’s annual revenue or say what revenue it would contribute as a partially spun-off company.

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