Nokia in $200M modem deal with Renesas

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.

More Broadband Direct 7/06/10:

• Time Warner Cable goes mobile with IntelliGo [1]

• Comcast Media Center's Hits cuts prices [2]

• Dish sues to block "distant signal" law [3]

• Arris, Vector team up to target European MSOs [4]

• Draka adds bundle drop for multi-tenant situations [5]

• Vecima to supply QAM output modules to U.S. vendor [6]

• Chilean operator picks Verimatrix [7]

• Netflix adds to online movies with Relativity deal [8]

• Nokia in $200M modem deal with Renesas [9]