Intel (INTC) Said to Have Purchase GNSS Assets of ST-Ericsson
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Intel (Nasdaq: INTC) is said to have been the unnamed buyer of ST-Ericsson's (NYSE: STM)(Nasdaq: ERIC) Global Navigation Satellite System (GNSS) assets.
Announced early Tuesday, purchase price wasn't mentioned in the release. ZNet spoke with an Intel rep who said and GNNS would probably be integrated with Intel's Mobile and Communications Group's Wireless Platform R&D (WPRD) division.
ST-Ericsson said, "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."
Intel is lower on the session Wednesday.
Announced early Tuesday, purchase price wasn't mentioned in the release. ZNet spoke with an Intel rep who said and GNNS would probably be integrated with Intel's Mobile and Communications Group's Wireless Platform R&D (WPRD) division.
ST-Ericsson said, "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."
Intel is lower on the session Wednesday.
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