Nokia is selling its wireless modem business for $200 million to Renesas Electronics of Japan, reports The New York Times.
The deal comes with some patents and 1,100 employees working on research and development. They're based in Finland, India, the UK and Denmark, according to a Bloomberg story on BusinessWeek. It says the companies plan a joint research initiative on radio technologies.
Renesas had been licensing Nokia technology since last year and the two have been working together on the HSPA+/LTE (High-Speed Packet Access Plus/Long Term Evolution) platform.