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Nokia sells wireless modem ops for $200mn

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CIOL Bureau
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HELSINKI, FINLAND: Finnish mobile phone maker Nokia is selling its wireless modem business to Japanese Renesas Electronics for $200 million, and the companies will form an alliance to develop modem technologies.

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The business to be transferred to Renesas Electronics includes Nokia's wireless modem technologies for LTE, HSPA and GSM standards, as well as some patents, Nokia said on Tuesday.

Also Read: Broadband PC modem market grows over 55pc

Some 1,100 Nokia R&D employees working in Finland, India, Britain and Denmark will be transferred to the new owner.

"The alliance enables us to continue to focus on our own core businesses," Kai Oistamo, head of Nokia's development unit said.

The deal was expected to complete in the fourth quarter.

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