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Thursday, July 8, 2010

Nokia sells its wireless modem business to Renesas Electronics

Tokyo-based Renesas Electronics is buying Nokia's wireless modem business for around $200 million. It's the latest development in an ongoing partnership between the two companies. In addition, Nokia and Renesas say they'll work together on developing modem technologies for HSPA+/LTE technology.

The wireless modem business includes Nokia's wireless modem technologies for LTE, HSPA and GSM standards along with a number of patents and approximately 1,100 Nokia R&D staff. The deal is expected to be concluded towards the end of this year.

Yasushi Akao, President of Renesas Electronics Corporation, said "The agreement with Nokia demonstrates our long-standing commitment to shape the future of advanced mobile platforms and will serve as an important step for us to become a leading mobile platform vendor in the global market. Our collaboration with Nokia will enable consumers to enjoy true mobile cloud computing experiences through our advanced high-speed mobile devices. In line with our ongoing efforts to strengthen our business structure, the transferring wireless modem technology and the innovation power and expertise of Nokia's employees will perfectly complement our core competences and serve as the key driving forces in growing our mobile business in the global market."

 

 

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