The headlines from the end of 2016 and the beginning of 2017 for Qualcomm (NASDAQ: QCOM) have centered on the multiple lawsuits it's facing, which have led to a nearly 19% drop in stock price year-to-date. However, it recently announced  some upbeat news: Its joint venture with Japan-based electronics manufacturer TDK (NASDAQOTH: TTDKY) has been finalized.

The new venture is a Singapore business under the name RF360 Holdings with a global presence and headquarters in Munich, Germany. According to Qualcomm, the company will be focused on delivering "RF front-end (RFFE) modules and RF filters into fully integrated systems for mobile devices and fast-growing business segments, such as Internet of Things (IoT), automotive applications, connected computing, and more."

The two tech behemoths have also agreed to "deepen their technological cooperation" in addition to running the joint venture with an eye toward developing next-gen mobile, IoT, and automotive applications.

Qualcomm owns 51% of RF360 while TDK's EPCOS subsidiary holds the remaining 49% stake. After two-and-a-half years, Qualcomm has the option of purchasing the balance of TDK's ownership interest for an estimated $3 billion.

The combined RF360 Holdings venture between Qualcomm and TDK was first announced in early Jan. and already boasts "more than 4,000 employees worldwide." Qualcomm said that in addition to developing mobile, IoT, and automotive solutions, RF360 Holdings will also explore the drone's and robotic's markets.

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Tim Brugger has no position in any stocks mentioned.