Matti Robinson
4 Sep 2013 7:15
Just after Nokia has sold its phone business to Microsoft, AfterDawn has learned that Renesas Mobile Europe Oy will be sold to Broadcom. Renesas Mobile Europe was formed after Renesas' acquisition of Nokia's modem business in 2010.
According to the documents we have received, Renesas Electronics has decided to transfer all the shares of Renesas Mobile Europe Oy and Renesas Mobile India Private Limited to Broadcom. Also certain assets related to the LTE Modem technology will transfer to Broadcom.
The expected purchase price will be approximately USD 164 million. Nokia's modem business was sold to Renesas three years ago for 200 million US dollars.
In July, Renesas announced that it will shut down the operations of Renesas Mobile Europe. According to AfterDawn's sources this will mean that previously announced mass terminations have been canceled.
Update: Broadcom's press release is here.