Friday, December 21, 2007

GloNav Acquired By NXP Semiconductors For $110M

Newport Beach-based GPS semiconductor firm GloNav is being acquired by NXP Semiconductors, a Netherlands-based semiconductor firm. NXP Semiconductors said it will pay $85M in cash plus up to $25M in milestone payments for GloNav, which develops global positioning system chips and satellite navigation systems. According to NXP, the deal is expected to close in the first quarter of 2008. GloNav is a spinout of Ceva, and was venture backed by Atlantic Bridge Ventures; the firm received $16.2M in venture funding in July of last year in conjunction with its spinout. According to NXP, GloNav's approximately 50 employees and contractors will join its Mobile and Personal Business Unit. NXP Semiconductors, which was founded by Philips, develops semiconductors, systems, and software. GloNav was advised by Arma Partners and Wilmer Cutler Pickering Hale and Dorr in the deal.

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