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InterDigital Sells Batch of Wireless Patent to Intel for $375 Million
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InterDigital has announced that it is selling roughly 1,700 patents to Intel for US$375 million in cash. The agreement involves patents primarily related to 3G, LTE and 802.11 technologies.
InterDigital , which has a track record of suing companies for patent infringement put its patent portfolio up for sale earlier year after attempts to sell the whole company failed to find a buyer.
The company has a portfolio of over 19,500 patents and patent applications as of December 31, 2011, so the sale represents less than 10% of its total holdings.
"This transaction, which involves a small portion of our overall patent portfolio, marks an important milestone of InterDigital's stated strategy of expanding the monetization of its large and growing intellectual property portfolio. By executing on our business plan, which has been broadened to include patent sales, licensing partnerships and other possibilities, we see tremendous potential to expand revenue and build shareholder value." said Scott McQuilkin, Senior Executive Vice President, Strategy and Finance at InterDigital.
The companies expect the transaction to be completed in third quarter 2012, subject to customary closing conditions and any required regulatory approvals.
During 2011, the company filed approximately 140 new patent applications with the U.S. patent office, covering its inventions related to the next generation of advanced wireless networks. The company was also granted approximately 170 new U.S. patents and approximately 1,000 non-U.S. patents in 2011, positioning it as one of the leading inventors in wireless technology.
Tags: [interdigital] [intel] [USA]
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