Friday, December 21, 2007

CEVA Divests GloNav Ownership

San Jose-based CEVA said this morning that it has divested its equity in GloNav, following the acquisition of GloNav by NXP Semiconductors today in a $110M deal. GloNav was a spinout of CEVA which develops global positioning system (GPS) chips. CEVA owned 19.9% of GloNav. According to CEVA, it will receive approximately $17M for its portion of GloNav. CEVA had invested approximately $4M in GloNav, alongside venture firm Atlantic Bridge Venture.