Facebook Lockup Expiration, Google Updates its Social Network: Weekly Tech Business Recap
Here’s your Cheat Sheet to the top tech business stories of the week:
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Arris Group (NASDAQ:ARRS) and Pace are currently the top bidders for Google’s (NASDAQ:GOOG) Motorola Home Business, according to an inside source, who added that the latter got multiple offers on Friday. Google’s complex financing structure involves its retaining some equity and also the division’s patents, so if a deal emerges, it has a 50-50 probability of being announced by the end of 2012. Google bought the unit in its $12.5 billion acquisition of Motorola Mobility Holdings back in May, but is selling it so as to concentrate on high-end smartphones while it accelerates its rivalry with Apple (NASDAQ:AAPL).
Japan’s embattled Panasonic Corporation (NYSE:PC) owns in excess of 10 million square meters of office and factory space, sports facilities for its rugby, baseball and women’s athletics teams, and dormitories for its workers, some of which it needs to sell. The firm intends to raise $1.34 billion from divesting property and shares in other Japanese firms by end of March, said its Chief Financial Officer Hideaki Kawai to Reuters. Peer television makers in Japan, such as Sony Corporation (NYSE:SNE) and Sharp Corp. are also ridding themselves of buildings and businesses in what is now being called a giant ‘garage sale’ which could bring a combined $3 billion.
Europe’s biggest semiconductor producer by revenue, STMicroelectronics (NYSE:STM), intends to leave its cellphone chip joint venture with LM Ericsson Telephone Company (NASDAQ:ERIC) as it suffers from the declining market for less expensive phones. The former reported Monday that it is currently in talks regarding “exit options” for the joint venture as part of a broader strategic plan intended to concentrate the firm on products such as motion sensors and chips for vehicles which it hopes will be able to return it to profitability.