Sequans ADRs Higher After Expanded Agreement with Renesas
05 Janvier 2022 - 9:39PM
Dow Jones News
By Michael Dabaie
Sequans Communications S.A.'s American depositary receipts were
up 8.3% to $5.24 after the company said it is expanding its
partnership with Renesas Electronics Corp.
The French provider of cellular IoT chips and modules said it
was expanding its existing 4G/5G licensing agreements with Renesas,
a supplier of advanced semiconductor solutions. The deal grants
special rights to Renesas that strengthen the go-to-market
opportunities for Sequans's LTE-M/NB-IoT Monarch 2 and Taurus 5G
platforms, the company said.
In particular, the deal allows Sequans to expand its serviceable
addressable market to India, the company said.
Renesas will take a small equity stake in Sequans. Renesas's
executive vice president and head of IoT and infrastructure
business unit, Sailesh Chittipeddi, will be nominated for election
to the Sequans board.
The combined value of the business agreements and the equity
investment, expected to close by Jan. 14, is about $20 million,
Sequans said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
January 05, 2022 15:24 ET (20:24 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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