The rumor that Nokia will soon start another wireless modem business turned out to be fake as the company sell its own business. The company which is actually going to get is the Japanese Renessas. The transaction will cost the company around $200 million.
As a result the price of the modems fell from the typical $120 up to $30, which means that the high competition might result the sales of the company.
The sold department currently has 1100 employees, some of them work in the branches of the company in India, Denmark and the UK.
As an addition to the transaction, Nokia and Renesas Electronics Corporation announced that they have joint plans for cooperation in HSPA + / LTE and future standards for wireless data transfer.
