Broadcom acquires LTE biz of Renesas
Renesas Electronics has sold its LTE assets to Broadcom. The sold-business includes all the shares of Renesas Mobile Europe Oy, and Renesas Mobile India Private Limited, together with certain assets related to its LTE modem technology.
Broadcom said it is gaining a dual-core LTE SoC that is ready for volume production and is carrier-validated by leading global operators in North America, Japan and Europe. Broadcom also receives high-quality multimode, multiband, LTE-A/HSPA+/EDGE modem IP that includes support for leading-edge features such as Carrier Aggregation and VoLTE.
"Today's transaction firmly establishes Broadcom's presence in the rapidly growing LTE market with a production-ready, carrier-validated SoC," said Scott McGregor, President and CEO of Broadcom. "Our LTE platform will leverage Broadcom's rich connectivity portfolio and will deliver an optimized feature set for this fast growing market."
In connection with the acquisition, Broadcom expects to pay approximately $164 million in cash.
Broadcom also updated its business outlook for the three months ending September 30, 2013. Broadcom now expects revenue between $2.075 billion and $2.175 billion.