ST-Ericsson has confirmed the sale of its satellite navigation to Intel for an undisclosed amount. This includes and recovers all assets, intellectual property as well as 130 employees based in the UK, India and Singapore. The dismantling of the joint venture by STMicroelectronics and Ericsson continues with the sale of Intel GNSS (Global Navigation Satellite Systems) division. The latter provided satellite technology for GPS and GLONASS systems. The amount of the transaction was not disclosed, but ST-Ericsson said it would "reduce the cash requirements of the joint venture of approximately $ 90 million." Intel puts his hand on the assets of the GNSS division, intellectual property as well as 130 employees based in Daventry, England, Bangalore in India and Singapore. In March, ST Microelectronics and Ericsson announced their intention to withdraw from the joint venture after failing to find a buyer. The two partners have decided to share some of the activities of ST-Ericsson and close the rest. Almost 1600 staffs could be eliminated throughout the world, which includes 500 to 700 in Europe alone.
