Amidst the troubling financial crunch, Nortel and Motorola are being targeted by private equity firms keen on gaining asset of these firms, reports the Financial Times.

The report names Advent International as being interested in acquiring the handset business vertical of Motorola and is now looking for players to join its consortium. It is also on the look out for acquiring some businesses of Nortel and subsequently build an new telecom group.

The FT report says that PE firm CVC is also believed to have shown interest in joining the consortium.