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STMicroelectronics NV's And Ericsson's 50-50 Joint Venture, ST-Ericsson Announces Sale Of Mobile Connectivity Global Navigation Satellite System Business


Tuesday, 28 May 2013 01:59am EDT 

ST-Ericsson, a joint venture of STMicroelectronics NV and Ericsson, announced the signature of a definitive agreement to sell the assets and intellectual property rights (IPR) associated with its mobile connectivity Global Navigation Satellite System (GNSS) business to a semiconductor company. The sale of these assets represents another step in the execution of Ericsson's and ST's announcement of March 18, 2013. In addition to the assets and IPR associated with this business, a world class team of 130 industry veterans located in Daventry (UK), Bangalore (India) and Singapore are anticipated to join the buyer at closing of the transaction. The closing of the transaction is expected to be completed in August, 2013. 

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