ST-Ericsson (STM, ERIC) manages to sell its mobile connectivity/GPS chip business/IP to an...

|By:, SA News Editor

ST-Ericsson (STM, ERIC) manages to sell its mobile connectivity/GPS chip business/IP to an unnamed "leading semiconductor company" for an undisclosed price. That allows the JV, whose baseband processor ops have posted huge losses, to save a bit of face as it winds down following a failure to secure a buyer for the entire unit. STM +2.6% and ERIC +4.3% as European equities rally.