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Nokia Spins Off Wireless Modem Biz in JV with Renesas

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Jul 6, 2010, 7:21 AM by Eric M. Zeman

Nokia announced that it has sold its wireless modem business to chipmaker Renesas in a new joint venture for about $200 million. The two companies have agreed to work together to develop modem technologies for HSPA+/LTE (Evolved High-Speed Packet Access / Long-Term Evolution) moving forward. Nokia is transferring its GSM, HSPA+ and LTE assets, including associated patents, and about 1,100 employees, to Renesas. The two companies believe that their combined efforts can bring products to market sooner.

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