Swedish wireless equipment manufacturer LM Ericsson on Wednesday announced plans to sell its microelectronics division to Infineon Technologies AG, a Munich-based semiconductor company.
The deal, which includes Ericsson Microelectronics AB of Stockholm and related global activities, is worth the equivalent of $379 million in stock, officials said.
The deal is expected to close this summer.
Ericsson officials said the company is selling off the chip business to focus on selling systems and services to wireless operators.
- Ericsson Slashes Work Force
- Ericsson-Sony Handset Venture Opens Its Doors