Sofinnova snaps up Sagem from Safran, Sam sizzles steaks

Remember back in those freewheelin' days of 2006 when men were men, phones were phones, and Motorola was rumored to have been seriously considering taking Sagem off Safran Group's hands? Yeah, well those days are long gone; Moto's a mere husk of what it once was at the peak of the RAZR craze, and as for Sagem, they're getting ready to fly the "under new ownership" banner in front of headquarters. Venture capital firm Sofinnova has purchased 90 percent of Sagem for around €220 million ($343 million) off current parent Safran, intending to rename it Sagem Wireless (don't get too crazy with the name change there, guys) and turn it into an all-ODM shop not unlike fellow French firm ModeLabs. Roughly half of Sagem's staff will survive the transfer intact, while most of the rest should be offered jobs in Safran's other lines of business or firms in which Sofinnova holds a stake.

[Via mocoNews]