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December 21, 2007
NXP Acquires VC-Backed GloNav For Up To $110M
NXP Semiconductors' latest announcement says it is set to acquire GloNav Inc., a US-based maker of global positioning systems (GPS) and wireless chips for $85M in cash and a further $25M, contingent upon revenue and product development milestones over the next two years.
This would be a speedy exit for Atlantic Bridge Ventures, which has been backing GloNav since it was the spin out of Ceva last July. GloNav also in the meantime acquired RFDomus.
The deal is expected to close in the first quarter of 2008, subject to regulatory approvals.
Posted on December 21, 2007 09:58 AM | Posted to News And Updates | Permalink
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