NXP Semiconductors N.V. (NXPI), a Dutch semiconductor company, Monday announced that it has entered into a definitive agreement with Quintic, a Silicon Valley-based supplier of Bluetooth Low Energy product line Qblue. The deal is to acquire assets and IP related to its Wearable and Bluetooth Low Energy or BTLE IC business.
The financial details of the deal were not disclosed. Significant IP assets, including more than 60 US and Chinese patents, form part of the transaction.
NXP expects to close the transaction in the first quarter of 2015. Following the deal, the Quintic Wearable & BTLE team of about 65 engineers located in China and Sunnyvale, California, and its leadership is expected to join NXP.
According to the firm, the transaction contributes to its drive to create security and connectivity solutions for fast-growing Internet-of-Things applications in Health & Fitness Wearables, Mobile Transactions, Proximity Marketing, Smart Home and Automotive.
Mark Hamersma, General Manager and SVP Emerging Businesses at NXP, said, "With NXP's strength in ultra-low power microcontrollers and security, broad IoT application solutions offering, and global sales and distribution reach, the acquired Quintic business should become a true leader in its market. With this transaction, NXP now offers the complete range of ultra-low power connectivity standards relevant to the Internet-of-Things, being NFC, Zigbee and BTLE."
NXP, with operations in more than 25 countries and 2013 revenues of $4.82 billion, had divested its Automotive Telematics Onboard unit Platform or ATOP business in March to a unit of Telit Communications Plc (TCM.L). ATOP is an automotive grade solution that enables vehicle manufacturers to implement telematics services like eCall.
NXP shares closed Friday's trading at $74.85, up $0.71 or 0.96 percent.
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