NXP Semiconductors To Buy Wearable, Bluetooth Low Energy Business Of Quintic

(RTTNews) - NXP Semiconductors N.V. (NXPI) Monday said it will buy wearable and bluetooth low energy IC business of Quintic. The transaction is expected to close during the first quarter of 2015. Financial terms of the deal were not revealed.

Following the acquisition, Quintic's leadership is expected to join NXP. Significant IP assets, including more than 60 US and Chinese patents, form part of the transaction.

"Quintic has impressive customer traction with its standalone BTLE solutions, especially in the Chinese eco-system that it operates in, and is a leader in developing innovative integrated solutions for the nascent wearables market. With NXP's strength in ultra-low power microcontrollers and security, broad IoT application solutions offering, and global sales and distribution reach, the acquired Quintic business should become a true leader in its market," said Mark Hamersma, General Manager and SVP Emerging Businesses at NXP.