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sci.geo.satellite-nav (Global Satellite Navigation) (sci.geo.satellite-nav) Discussion of global navigation satellite systems (GNSS). Topics include the technical aspects of GNSS operation, user experiences in the use of GNSS, information regarding GNSS products and discussion of GNSS policy (such as GPS selective availability).

ST-Ericsson Sells GPS Business to Intel

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Old June 4th 13, 09:31 PM posted to sci.geo.satellite-nav
Sam Wormley[_2_]
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Default ST-Ericsson Sells GPS Business to Intel

ST-Ericsson Sells GPS Business to Intel

The closing of the transaction is subject to regulatory approvals and
standard conditions and is expected to be completed in August.
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.

“Today’s transaction validates the leading innovation developed by
ST-Ericsson in mobile navigation systems and marks a further
important step towards the execution of our shareholders’ decision to
exit from ST-Ericsson” commented Carlo Ferro, President and CEO of
ST-Ericsson. “I am pleased that this organization will continue to
develop leading-edge technologies and delighted that the team found a
new home at a leading player in the semiconductor industry.”


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