Nokia in $200M modem deal with Renesas

Tue, 07/06/2010 - 8:00am
The Associated Press

HELSINKI (AP) – Nokia Corp. says it will sell its wireless modem business to Renesas Electronics Corp. for $200 million and will transfer 1,100 workers to the Japanese company.

The world's largest handset maker says the two companies will also increase cooperation to develop high-speed modem technology.

The deal is subject to regulatory approvals.

Nokia's executive vice president Kai Ostamo says the alliance will enable the Finland-based company "to focus on our own core businesses, connecting people to what matters to them with our mobile products and solutions."

Nokia said Tuesday the transfer – to one of the world's top chip makers – includes wireless modem technology standards that have been used in billions of handsets worldwide.

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