ST-Ericsson announces sale of its Connectivity (GNSS) business
Geneva, May 28, 2013. ST-Ericsson, a joint venture of STMicroelectronics (NYSE: STM) and Ericsson (NASDAQ: ERIC), today announced the signature of a definitive agreement to sell the assets and intellectual property rights (IPR) associated with its mobile connectivity Global Navigation Satellite System (GNSS) business to a leading semiconductor company.
The sale of these assets represents another step in the execution of Ericsson’s and ST’s announcement of March 18th 2013. In addition to the assets and IPR associated with this business, a world class team of 130 industry veterans located in Daventry (UK), Bangalore (India) and Singapore are anticipated to join the buyer at closing of the transaction.
The closing of the transaction is subject to regulatory approvals and standard conditions and is expected to be completed in August, 2013. ST-Ericsson estimates the proceeds from the sale, combined with the avoidance of employee restructuring charges and other related restructuring costs, will reduce the joint venture’s cash needs by approximately $90 million.
“Today’s transaction validates the leading innovation developed by ST-Ericsson in mobile navigation systems and marks a further important step towards the execution of our shareholders’ decision to exit from ST-Ericsson” commented Carlo Ferro, President and CEO of ST-Ericsson. “I am pleased that this organization will continue to develop leading-edge technologies and delighted that the team found a new home at a leading player in the semiconductor industry.”
About ST-Ericsson
ST-Ericsson is a world leader in developing and delivering a complete portfolio of innovative mobile platforms and cutting-edge wireless semiconductor solutions across the broad spectrum of mobile technologies. ST-Ericsson was established as a 50/50 joint venture by STMicroelectronics (NYSE:STM) and Ericsson (NASDAQ:ERIC) in February 2009, with headquarters in Geneva, Switzerland.
|
Related News
- Report: ST-Ericsson re-org is prep for sale
- Losses swell, outlook flat at ST-Ericsson
- Alphawave Semi: Q2 2024 Trading and Business Update
- Synopsys Enters Definitive Agreement to Sell its Software Integrity Business to Clearlake Capital and Francisco Partners
- Breker Verification Systems Appoints Andy Stein Vice President of Worldwide Sales as Company Scales New Business Opportunities
Breaking News
- Analog Bits to Demonstrate IP Portfolio on TSMC 3nm and 2nm Processes at TSMC 2025 Technology Symposium Novel
- Equal1 advances scalable quantum computing with CMOS-compatible silicon spin qubit technology
- New Breakthroughs in China's RISC-V Chip Industry
- JEDEC® and Industry Leaders Collaborate to Release JESD270-4 HBM4 Standard: Advancing Bandwidth, Efficiency, and Capacity for AI and HPC
- BrainChip Gives the Edge to Search and Rescue Operations
Most Popular
- Cadence to Acquire Arm Artisan Foundation IP Business
- Siemens to accelerate customer time to market with advanced silicon IP through new Alphawave Semi partnership
- Intel Announces Strategic Investment by Silver Lake in Altera
- Andes Technology Celebrates 20 Years with New Logo and Headquarters Expansion
- AMD Achieves First TSMC N2 Product Silicon Milestone
![]() |
E-mail This Article | ![]() |
![]() |
Printer-Friendly Page |