Conexant Systems Inc. (CNXT) recently completed the sale of its Broadband Access product lines to Ikanos Communications Inc. for $54 million. Conexant received about $47 million in cash, while the remaining payment is subject to an escrow to be released in one year. The company expects to record a gain of approximately $35 million in the current quarter from the sale. With the sale of its broadband access business, the company completed a major part of its restructuring and now plans to concentrate solely on providing solutions for imaging, audio, video and various embedded-modem applications. Management said that the company will use all proceeds to strengthen its balance sheet by retiring debt. Conexant had already announced plans to retire $80 million aggregate principal amount of floating rate senior secured notes
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