Nokia and Renesas Electronics on November 30 announced the completion of Renesas' acquisition of Nokia's wireless modem business, which was initially announced on July 6, 2010. With this transfer, Renesas assumes full ownership of the wireless modem unit, which has been responsible for development of Nokia's wireless modem technologies for LTE, HSPA and GSM standards. As a result of the transaction, approximately 1,100 employees transfer from Nokia to Renesas.