(MENAFN) British CSR's chief executive, Joep van Beurden, stated that the company sold its mobile phone connectivity and location technology to Samsung Electronics in a USD310 million deal, reported Khaleej Times.
Beurden said that the Cambridge-based group's Bluetooth, WiFi and location technology were losing market share to bigger rivals.
On the other hand, the South Korean firm stated that the acquisition would expand the capability of its platforms featuring the application processors that power the world's most popular smartphones and tablets that include Apple's iPhone, iPad and Samsung's Galaxy products.
It is worth noting that Samsung will buy a 4.9-percent stake in CSR through an investment of USD34.4 million; moreover, it will also take an international royalty-free license of the UK firm's intellectual property for handsets and 21 US patents, which will be licensed back to CSR.
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