Conexant Raises Cash Through Property Sale

Newport Beach-based Conexant Systems, a developer of a wide range of semiconductors, announced today that it has sold 25 acres of property adjacent to its headquarters, netting the firm $26.1M. The firm said it sold the property to City Ventures LLC, a residential and mixed-use developer of urban projects. The company said the proceeds from the land sale will go to generate corporate purposes, including debt reduction. The semiconductor firm explained the sale is part of a strategy to monetize "non-core" assets at the firm and improve its balance sheet.