HELSINKI (AP) — Nokia Corp. says it will 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 says the two companies will also increase cooperation to develop high-speed modem technology. The deal is subject to regulatory approvals.
Nokia's executive vice president Kai Ostamo says the alliance will enable the Finland-based company "to focus on our own core businesses, connecting people to what matters to them with our mobile products and solutions."
Nokia said Tuesday 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.