Netherlands-based Philips semiconductor spin-off NXP Semiconductors will acquire US-based fabless semiconductor company GloNav. NXP will purchase the company for USD 85 million in cash plus USD 25 million in cash contingent upon GloNav reaching certain revenue and product development milestones over the next two years. GloNav has approximately 50 employees and contractors at locations in the US, UK, Ireland and Taiwan, who will join NXP''s mobile and personal business unit. The transaction will give NXP immediate access to
GPS products and technology. The deal is expected to close in the first quarter of 2008, subject to regulatory approvals.
Source:Telecompaper
