ESPOO, Finland ( TheStreet) -- Nokia ( NOK) is selling its wireless modem business to Japan's Renesas Electronics for $200 million. The business being sold includes Nokia's wireless modem technologies for LTE, HSPA and GSM standards, which Nokia says, which have been used for billions of handsets globally. The agreement also includes the transfer of 1,100 Nokia workers to Renesas. The sale is expected to take place during the fourth quarter. "The alliance enables us to continue to focus on our own core businesses, connecting people to what matters to them with our mobile products and solutions," said Kai Oistamo, Nokia executive vice president, in a statement Tuesday. -- Reported by Joseph Woelfel in New York. Get more stock ideas and investing advice on our sister site, Stockpickr.com.