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NXP, STMicroelectronics to merge wireless ops

STMicroelectronics to hold 80% of new business; NXP to receive $1.55 billion, exit plan.

NXP and STMicroelectronics Thursday announced they are to combine their wireless operations in a newly-created joint venture.

Headquartered in Switzerland, the venture will see STMicro take an 80% stake with NXP holding onto the remaining 20%.

As part of the deal, NXP will receive $1.55 billion from STMicroelectronics, as well as an exit plan exercisable after three years.

"The new company will have the scale to better meet customer needs in 2G, 2.5G, 3G, multimedia, connectivity and all future wireless technologies," the semiconductor companies said in a joint statement.

The firms said between them they generated $3 billion in revenue in 2007, and own a number of important communication and multimedia patents.

"The wireless semiconductor industry requires huge investments in new technology and innovative product roadmaps. This move will see two strong players propelling themselves into a leadership position," said Frans van Houten, president and CEO of NXP.

NXP and STMicro said they expect the joint venture to generate annual cost savings of $250 million by 2011.

Источник: Total Telecom

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