Renesas Electronics buys Nokia piecemeal

Nokia sells its business producing modems for $ 200 million

In brief: Renesas Electronics buys distressed assets of the main mobile phone manufacturer Nokia.

Company Renesas Electronics, the largest Japanese supplier of microcontrollers and semiconductor products, will buy Nokia unit producing wireless modems for about $ 200 million. According to executive vice president of Nokia Kaya Oistamo, the sale of this asset will allow the company to focus on our core business. “We believe that Renesas Electronics, as one of the key manufacturers of chipsets, is ideal for further development in this direction,” – said Mr. Oistamo.

Under the agreement, Nokia will transfer their own experience in the field of modem technology for high speed data over cellular networks and the related patent portfolio. In addition, work in Renesas Electronics will move approximately 1100 professionals who had previously worked at Nokia. The deal is expected before the end of the year. This acquisition will help Renesas Electronics strengthened its position as a supplier of semiconductor solutions for 3G-LTE-and networks.

Ukrainian Globalist
2010-07-06 23:18, Commodities.

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