(Telecompaper) ST-Ericsson, a joint venture of STMicroelectronics and Ericsson, announced that it has signed a definitive agreement to sell the assets and intellectual property rights (IPR) associated with its mobile connectivity Global Navigation Satellite System (GNSS) business to an unnamed semiconductor company. Intel later confirmed that it was the buyer, according to Reuters. In addition to the assets and IPR associated with this business, a team of 130 industry veterans located in Daventry (UK), Bangalore (India) and Singapore are anticipated to join the buyer at closing of the transaction. The closing of the transaction is subject to regulatory approvals and standard conditions and is expected to be completed in August this year. ST-Ericsson estimates the proceeds from the sale, combined with the avoidance of employee restructuring charges and other related restructuring costs, will reduce the joint venture's cash needs by approximately USD 90 million.