Unova Inc. said Thursday (Dec. 26) that it has sold about 150 of its wireless LAN and wireless communication patents to Broadcom Corp. for $24 million, and will recognize the payment in its fourth-quarter results.
Broadcom (Irvine, Calif.) also purchased Unova's patents for dynamically switchable power supplies and personal video recorders. Under the companies' agreement, Unova (Woodland Hills, Calif.) obtains a royalty-free license for its Intermec Technologies division to make and sell products related to the sold patents. Intermec makes wired and wireless data collection and RF identification systems.
Unova said the transaction will result in a significant, one-time gain which will positively impact its fourth-quarter and full-year 2002 earnings.
