It's been a long while since Nokia offered a mobile phone that most of us were interested in. The company lost some of its focus by working with too many irons in the fire. Nokia has announced a change that will see it focusing more on its core business.
Nokia has announced that it is selling its modem business to a company called Renesas Electronics. Renesas has been paying to use the Nokia modem tech since 2009. The deal is worth about $200 million according to Nokia.
The closing of the sale is subject to customary regulatory approvals. Nokia expects to finish the deal in Q4 and will work with Renesas to continue to develop modem tech.