HELSINKI (AP) — Nokia Corp. says it has completed a deal to sell its wireless modem business to Renesas Electronics Corp. for $200 million and will transfer 1,100 workers to the Japanese company.
The world's largest handset maker said Tuesday that Renesas will now assume full ownership of Nokia's wireless modem unit, which has been responsible for developing its technologies for LTE, HSPA and GSM standards.
Nokia said the transfer to one of the world's top chip makers includes wireless modem technology standards that have been used in billions of handsets worldwide.
