Israeli company Radware, a provider of integrated application-delivery solutions, is looking to acquire a division of troubled telecom equipment maker Nortel Networks, according to a published report.

Radware has offered to buy all or part of a Nortel Networks division for $30 million to $50 million, Israel's technology news website Globes said in a report.

Tel Aviv-based Radware will spend between $30 million and $50 million to acquire all or part of Nortel's metro Ethernet networks business, the report cited sources close to the development as saying.

Canada-based Nortel, which is trying to streamline its business and boost sales of wireless gear, announced plans to divest its metro Ethernet networks business in September. 

A quick sale could also help Nortel boost its stock, which plunged to such lows that NYSE even warned Nortel to set its scrip in order or face expulsion.

The news, however, helped boost Nortel's shares, which closed trading up 3.6 per cent at 29 cents, against its 52-week high of $13.71.

Nortel Networks, which competes with Cisco Systems and Motorola, posted a loss of $3.4 billion in the third quarter of the previous year. Revenue fell 14 per cent to $2.32 billion.

Nortel is planning to cut 1,300 jobs in an attempt to boost its business.

Other potential bidders for Nortel's Ethernet business include Ericsson, Huawei, Nokia Siemens, and Cisco.