Samsung reports strategic partnership with CSR approved

Samsung Electronics (SSNLF) and CSR plc (CSRE) announced that, further to the receipt of all necessary shareholder and regulatory approvals, their strategic partnership agreement announced on July 17 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. 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 $310M in cash.