Nokia Sells Off Wireless Modem Business For $200 Million

Posted Jul 6, 2010

Nokia Corporation is selling off their wireless modem business for $200 million to Renesas Electronics. The assets are expected to transfer in Q4 2010. The assets include Nokia’s 1,100 R&D resources in four countries, several patents, and wireless modem technologies for GSM, HSPA, and LTE networks.

Renesas Electronics started two months ago through a merger between NEC Electronics and Renesas Technology. One of the reasons why Nokia is selling off this technology is so that the company can focus on mobile phone manufacturing. Nokia sold about 110 million phones in Q1 2010.