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ST-Ericsson announces sale of its Connectivity [GNSS] business
Geneva, May 28, 2013. ST-Ericsson, a joint venture of STMicroelectronics (
The sale of these assets represents another step in the execution of Ericsson's and ST's announcement of March 18th 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 subject to regulatory approvals and standard conditions and is expected to be completed in August, 2013. 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."
About ST-Ericsson
ST-Ericsson is a world leader in developing and delivering a complete portfolio of innovative mobile platforms and cutting-edge wireless semiconductor solutions across the broad spectrum of mobile technologies. ST-Ericsson was established as a 50/50 joint venture by STMicroelectronics (
www.twitter.com/STEricssonForum
This press release contains forward-looking statements that involve inherent risks and uncertainties. We have identified certain important factors that may cause actual results to differ materially from those contained in such forward-looking statements. For a detailed description of risk factors see STMicroelectronics' (
ST on STE GNSS business sale: http://hugin.info/152740/R/1705030/563922.pdf
For further information, please contact: INVESTOR RELATIONS: Tait Sorensen Group VP, Investor Relations Tel: +1 602 485 2064 Email Contact MEDIA RELATIONS: Nelly Dimey Director, Corporate Media and Public Relations Tel: +33 1 58 07 77 85 Email Contact FOR FURTHER INFORMATION, PLEASE CONTACT: Ericsson Corporate Communications Phone: +46 10 719 69 92 E-mail: Email Contact Ericsson Investor Relations Phone: +46 10 719 00 00 E-mail: Email Contact STMicroelectronics Investor Relations Tait Sorensen Phoenix AZ, US Phone: +1 602 485 2064 Celine Berthier Geneva, Switzerland Phone: +41 22 929 5812 Email: Email Contact STMicroelectronics Media Relations Nelly Dimey Paris, France Email Contact