Broadcom, manufacturer of networking and communications ICs for data, voice, and video applications, has aqcuired Japanese Renesas Electronics’ all LTE-related assest with approximately 125 million euros, including all Renesas Mobile Europe’s operations in Finland.
Renesas, which opened its European headquarter in Helsinki in 2011, announced in spring 2013 the plans to shut down all operations in Europe. Through the new aqcuisition all employees of Renesas Mobile Europe will become part of the Broadcom Corporation. In Finland this means roughly 760 jobs in Helsinki, Oulu, Salo and Tampere.
The Finnish Minister of Economic Affairs Jan Vapaavuori saw the acquisition as positive news in the current turmoil of Finnish ICT industry. “This acquisition enables keeping the operations requiring highly-skilled workforce in Finland. It is likely that the majority of Renesas’ jobs are retained as Broadcom has made the aqcuisition with the purpose to strengthen its business activities”, he says.
More on the aqcuisition: