NXP Semiconductors will acquire GloNav, a US-based fabless semiconductor company developing single-chip solutions for global positioning systems (GPS) and other satellite navigation systems. NXP will purchase the company for US$85 million in cash plus up to US$25 million in cash contingent upon GloNav reaching certain revenue and product development milestones over the next two years. The deal is expected to close in the first quarter of 2008, subject to regulatory approvals. GloNav has approximately 50 employees and contractors at locations in the US, UK, Ireland, and Taiwan. They will join NXP's Mobile and Personal Business Unit.