British chipmaker CSR has agreed to sell its mobile connectivity and location division to Samsung for $310 million. The Korean manufacturer will also take a 4.9 percent equity stake in the business for a further $34.4 million, with both deals expected to complete in the fourth quarter of this year.

CSR's connectivity and location division includes 310 employees and, perhaps more importantly, 21 US patents, all of which will be transferred to Samsung. While the precise scope of the intellectual property is not yet known, it will likely provide a bulwark for Samsung against threats from competitors and so-called "patent trolls."

Formerly known as Cambridge Silicon Radio, CSR was founded in the British university town in 1998. As GigaOm points out, it has been hit hard by problems with key customers such as Nokia and RIM, with its listing on the London Stock Exchange losing half its value in two years. In early trading today, the company's share price jumped more than 40 percent.