Hannes Snellman advises Renesas Electronics in the acquisition of Nokia’s wireless modem business

7 July 2010

Renesas Electronics Corporation, a premier supplier of advanced semiconductor solutions, and Nokia Corporation, the world leader in mobile communications have announced on 6 July 2010 that they are deepening their collaboration by forming a strategic business alliance to develop modem technologies for HSPA+/LTE (Evolved High-Speed Packet Access / Long-Term Evolution) and its evolution.

As part of this alliance, the companies have entered into an agreement whereby Renesas Electronics is to acquire Nokia’s wireless modem business for approximately USD 200 million. The planned transaction would also include approximately 1,100 Nokia R&D professionals, the vast majority of whom are located in Finland, India, the UK and Denmark. The alliance is planned to be enhanced by long-term joint research cooperation on future radio technologies.

Hannes Snellman acts as lead counsel to Renesas Electronics Corporation and the team includes Mathias Lindqvist, Partner; Johan Aalto, Senior Partner; Tapani Manninen, Partner (Competition); Ossi Haapaniemi, Partner (Tax); Tuire Kuronen, Senior Associate (M&A); Pia Ek, Senior Associate (IPR); Johanna Haltia-Tapio, Senior Associate (HR); Hanna Westenius, Associate (M&A); Janne Joukas, Associate (IPR).