Qualcomm on Wednesday announced it has reached an agreement to sell its terrestrial-based, wireless, consumer phone business to Japanese company Kyocera.
The sale of the CDMA (code division multiple access) standard-based phone business includes phone inventory, manufacturing equipment and customer commitments, Paul E. Jacobs, president of Qualcomm Consumer Products said.
In turn, Kyocera will buy a majority of its CDMA chipsets and system software from Qualcomm for the next five years, Jacobs said.
Financial terms of the agreement were not disclosed. To go ahead, the deal must meet regulatory and shareholder approval.