Samsung Electronics Co. Ltd. ("Samsung"), a world leader in advanced semiconductor solutions, and CSR plc ("CSR": LSE: CSR.L, NASDAQ: CSRE), a global leader in wireless connectivity and location technologies, are pleased to announce that, further to the receipt of all necessary shareholder and regulatory approvals, their strategic partnership agreement announced on July 17, 2012, is effective from today.
Under the terms of the agreement, over 300 CSR employees will join Samsung which include a number of senior managers and engineers from Europe, U.S.A. and India, who will focus on the development of advanced connectivity, and location products and technologies. Klaus Buehring, Senior Vice President of Product Development at CSR will join Samsung's System LSI Business to lead the connectivity product development activities. In addition, Samsung receives perpetual rights to CSR's intellectual property and gains full access to CSR's mobile connectivity and location technology. The transfer of the operations and technology from CSR is for a consideration of US$310 million in cash.
About CSR plc
CSR is a global provider of innovative silicon and software solutions for the location-aware, media-rich, cloud-connected world. Our platforms are optimised for the automotive navigation and infotainment, digital cameras and imaging, connected home infotainment and wireless audio markets. We provide solutions to complex problems in the audio-visual, connectivity and location technology domains across a broad range of markets, with a technology portfolio that includes GPS/GNSS systems, Bluetooth®, Wi-Fi®, FM, NFC, aptX® and CVC™ audio codecs, JPEG, MPEG, H.264 imaging, PDL printing, microcontrollers, DSPs and broadband receivers. CSR's technology solutions and market platforms enable its customers to deliver a superior user experience and are adopted by leaders in the auto, computer, home and mobile markets. More information can be found at www.csr.com. Keep up to date with CSR on our blog, YouTube or follow us on Twitter at twitter.com/CSR_plc.
FTI Consulting (Financial Public Relations)
Tel: +44 (0) 20 7831 3113