Monday, August 11, 2008
Conexant Completes Broadband Media Sale
Newport Beach-based Conexant Systems announced today that it has completed the sale of the firm's Broadband Media Processing product lines to NXP Semiconductors. Conexant said it will get $110M in cash and up to $35M in earn-out from the sale of the product lines. The deal was originally announced in April, and includes the move of approximately 700 Conexant employees to NXP Semiconductors. After the sale, Conexant will have around 1,350 people employed at the firm. Conexant's Broadband Media Processing team developed semiconductor products for the satellite, cable, terrestrial, and IPTV set-top box market. According to Conexant, the majority of the proceeds of the sale will go to retire debt.