SEOUL, South Korea, July 17 (AP/UNB) — Samsung Electronics Co. said it will buy British chip designer CSR's mobile connectivity and location technology business for $310 million in cash.
Samsung said Tuesday that the deal will give it rights to use CSR's patents related to Bluetooth, wireless-fidelity and the Global Positioning System that are used in hand-held devices including smartphones and tablet computers.
Samsung said it will also hire more than 300 employees of the British firm and take an equity stake in CSR by buying $34 million of its ordinary shares. Samsung aims to finalize the deal by the end of this year.
The South Korean chipmaker said the acquisition will strengthen its mobile application processor division. Samsung supplies mobile chips to global smartphone makers including Apple Inc.