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Continuing with its asset smart strategy, with which the company hopes to streamline business and return to profitability, AMD has agreed to sell its handheld graphics unit to Qualcomm for about $65 million in cash. The latter for its part says it will take AMD’s graphic assets and intellectual property, which it has been licensing for years, and integrate it with its system-on-a-chip products.

Qualcomm is also extending job offers to some of the employees that worked within AMD’s handset division. The transaction follows the chip giant’s recent announcement that it was cutting 1,100 jobs, cutting the pay of executives and staff, and posting charges totaling $684 million related to its 2006 purchase of ATI Technologies.