CSR Group Shares Jump 37%

Multi-function semiconductors provider CSR Group plc (LSE:CSR) announced today it has entered into a conditional binding agreement to transfer its handset connectivity and location development operations and technology to Samsung Electronics Co. Ltd. for a cash consideration of US$310 million.

Samsung will also invest $34.4 million in CSR in exchange for 4.9% of the issued capital stock of the company.

CSR plans to return approximately $285 million to its shareholders, following the completion of the transactions, including the $40.5 million balance of the buy-back programme announced last February 2012.

Investors were upbeat with the news as shares of CSR jumped 37.4%, equivalent to 81.7 pence, to £3.00 and led the trading board in London early morning.

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