Nokia in $200 mn modem deal with Renesas

HELSINKI: 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.