National Semiconductor sells cordless business unit

National Semiconductor (NSC) today announced that it has signed a definitive agreement to sell the company’s cordless business unit to HgCapital, a private equity investor based in London, UK.

According to terms of the agreement, HgCapital will acquire intellectual property, assets and approximately 70 engineers, all of whom are based at National’s cordless business unit in ’s-Hertogenbosch and its design center in Hengelo, The Netherlands.

National’s design team in ’s-Hertogenbosch creates system products targeted primarily for the Digital Cordless Telephony (DCT) market. These products include baseband and radio transceivers for cordless telephones and basestations as well as cordless voice modules. The cordless business unit currently represents approximately 5 percent of National’s quarterly revenues.

The sale is expected to close during the first quarter of fiscal 2006,
which begins May 30, 2005. (THG)