updated 04:40 pm EDT, Tue July 6, 2010
Nokia sells wireless modem unit for $200 million
Renesas on Tuesday bought Nokia's wireless modem business for nearly $200 million. Under the deal, Renesas will control about 1,100 Nokia researcher and development staff in Finland, India, the UK and Denmark. The two companies will also form a long-term partnership to develop HSPA+/LTE modem technologies.
The purchase includes Nokia wireless technologies for LTE, HSPA and GSM standards. The deal is expected to be concluded by year's end, pending regulatory approval.
"This alliance enables us to continue to focus on our own core businesses, connecting people to what matters to them with our mobile products and solutions," said Nokia executive VP Kai Oistamo in a statement.
Renesas is owned by NEC, Hitachi and Mitsubishi.