Google (NASDAQ:GOOG), Apple (NASDAQ:AAPL) Ready to Duke it Out Over Nortel Patents

Potentially lucrative patents from Nortel Networks Corp. are closed to being auctioned off, and major rivals Google (NASDAQ:GOOG) and Apple (NASDAQ:AAPL) are among those companies ready to battle to acquire the assets.

Nortel has been selling its portfolio of about 4,000 patents after its filing for bankruptcy in 2009, and this particular portfolio includes patents related to long-term evolution, or LTE, wireless phone networks.

These are potentially lucrative more from the defensive strategy of a company when they are forced to defend themselves against a lawsuit. They could also be used as an offensive tool to sue other companies as well.

The highly competitive wireless industry is becoming increasingly litigious, and have a cadre of patents to defend or attack is a growing necessity for those who want to survive and thrive in the current environment.

Some companies could even buy them for the sole purpose of suing others. That suggests a highly competitive bidding battle for these particular patents.

Others will buy them and license out the technology, another very lucrative business opportunity.

Huawei Technologies Co. and ZTE Corp., a pair of companies based in China, are also reportedly interested in the patents, as are a couple of consortiums put together to pool their capital in order to make a competitive bid.