Marconi plc, a company specializing in optical networks, broadband routing and switching and broadband access, has agreed to the sale of its Applied Technologies division (MTech) to 3i Group plc, a U.K.-based venture capital concern.
The division includes Marconi's RF, microwave and broadcast communications sectors.
The deal is worth about $89 million. The new company will trade under the name E2V Technologies.
"This transaction represents good news for Marconi Applied Technologies, its customers and staff, as well as Marconi plc, repositioning this strong business for long-term growth whilst releasing cash proceeds to Marconi," said Marconi CEO Mike Parton.
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