Nokia to sell wireless modem biz
Helsinki/New Delhi, July 6
Nokia will sell its wireless modem business to Japan's Renesas Electronics Corp for about $200 million, as part of the Finnish cell phone maker's strategy to focus on its core businesses.
The deal will also see the transfer of around 1,000 of Nokia's R&D employees - a majority of them located across Finland, India, UK and Denmark - to the Japanese entity, the two companies said in a joint statement today.
Both the firms had entered into a strategic alliance to develop modem technologies for Evolved High-Speed Packet Access/Long-Term Evolution (HSPA+/LTE), widely used for wireless applications.
Subject to regulatory approvals, the deal is expected to attain completion during the fourth quarter of 2010. — PTI