Conexant Systems has signed a definitive agreement to sell its Broadband Media Processing product lines to NXP Semiconductors in a transaction valued at up to $145 million. Conexant’s Broadband Media Processing business provides solutions for satellite, cable, terrestrial, and IPTV set-top box applications. Under the terms of the agreement, Conexant will receive $110 million in cash, and up to $35 million in an “earn-out” fee, contingent upon the achievement of certain milestones over the next two years. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close within the next 60 days. Approximately 700 Conexant employees at locations in the United States, Europe, Israel, Asia-Pacific, and Japan will transfer to NXP and join the company’s Home Business Unit when the transaction closes.