MONTREAL: Canadian telecommunications company Nortel that has been in bankruptcy protection since January announced it will sell most of its wireless business to Nokia Siemens Networks for 650 million dollars.

In addition, Nortel announced that it is advancing in its discussions with other parties to sell its other businesses.

Nortel will apply to delist its common shares from trading on the Toronto Stock Exchange, the company said in a statement.

The announcement foreshadows liquidation of the struggling Canadian company that once was a pillar of the country's telecoms industry.