Peter Clarke, EETimes
5/29/2013 6:17 AM EDT
LONDON – Intel has been revealed as the purchaser of the connectivity and global navigation satellite system (GNSS) business unit of ST-Ericsson NV (Geneva, Switzerland), a failed joint venture in mobile phone chips.
ST-Ericsson is due to be closed down in the third quarter of 2013 at an expected cost to parent of STMicroelectronics NV of between $350 million and $450 million. Although no price was given for the sale ST did say it would reduce the cost of closing ST-Ericsson by about $90 million through the combination of cash received and the avoidance of employee redundancy payments and other restructuring costs.
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