Sunnyvale, Calif. - Semiconductor manufacturer AMD (NYSE: AMD) said on Tuesday that it has sold the basis of its handheld business to San Diego-based handset maker Qualcomm (NASD: QCOM).

Under the deal, Qualcomm acquired certain handheld graphics and multimedia assets from AMD in exchange for $65 million in cash.

"With the sale of these handheld technology assets and resources to Qualcomm, we are better able to focus on our core business and leverage our unique position as a leader in both x86 computing and high-end graphics," said Robert Rivet, AMD's chief operations and administrative officer, as well as its CFO.

Qualcomm said that the acquisition will enhance its multimedia capabilities, among other things giving it graphics cores that it has been licensing for several years.

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