On Tuesday, Nokia sold their wireless modem business for nearly $200 million to Renesas. Under the deal development staff of Finland, India, UK and Denmark about 1100 Nokia researchers will come under the control of Renesas. HSPA+LTE modem technologies are developed under the long term partnership of Nokia and Renesas.
The purchased products are Nokia wireless technologies for HSPA, GSM standards and LTE. Due to delay in regulatory approval, the deal will be completed by years end. Nokia executive VP Kai Ostiamo stated, “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.”
