Nokia Sells Its Modem Division For $200 Million
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Nokia (NYSE: NOK) is getting a $200 million windfall by selling its wireless modem hardware operations to Santa Clara, California-based semicon firm Renesas, which has offices in California.
The deal gives over Nokia’s GSM, HSPA and LTE modem technology, some patents and 1,100 R&D staff from Finland, India, the UK and Denmark.
There’s scant reasoning in Nokia’s announcement, but EVP Kai Oistamo says “enables us to continue to focus on our own core businesses, connecting people to what matters to them with our mobile products and solutions”.
Nokia still has an interest in the sale assets—the deal also means it and Renesas forming an alliance to research future radio technologies around HSPA+ and LTE. The pair reckon on the deal closing in Q4. Release.
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, Nokia, renesas
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