ST-Ericsson, a joint venture of ST Microelectronics and Ericsson, yesterday said that it was selling its “Global Navigation Satellite System (GNSS) to an unnamed “leading semiconductor company.”
Intel spokespeople later admitted that the giant chip maker was buying the assets to the GNSS business, adding to the GPS technology it already has, including the Xposys single chip receiver. The deal is expected to close in August.
Intel will assume another 130 or so people in the U.K., India and Singapore as part of the deal for the GPS business. ST-Ericsson executives said the proceeds from the sale (no financial details were announced), combined with the employee layoff and other restructuring charges that were avoided, will help save the joint venture about $90 million.
ST-Ericsson’s GNSS product family includes personal handset receivers that interact with both the United States’ GPS technology and Russia’s GLONASS geo-location service.
Additional Information from Eweek used in this article.