ERG Group yesterday revealed STMicroelectronics as the purchaser of Proton World International, with the sale of the Belgian-based developer of smart card applications and operating systems set to occur some time in April.
But ERG a distressed vendor played a weak hand in the negotiations with STM, a Geneva-based manufacturer of silicon chips.
So STM will buy Proton World for only 37 million. Three weeks ago, ERG said that it expected to sell Proton World for 60 million.
ERG may also earn what it described at milestone fees worth 22.5 million over 10...
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