The move is a contribution to the U.S.-based buyer's efforts to win antitrust clearance in Europe.
The combined group would rank behind Ericsson, but ahead of Chinese rival Huawei.
Green Giant has approximately $700 million in annual revenue, from over 160 different products.
The deal is expected to be finalized by the end of July, if intellectual property issues can be settled.
A recent offer valuing the business at less than 2.5 billion euros ($2.7 billion) was rebuffed in June.
The deal covers 11,000 pensioners but there will be no impact on payments as a result of the deal.
Ryanair said it would accept the offer and the E.U. looks likely to approve the purchase.
The deal is part of Technicolor's efforts to expand in the thriving home video market and boost profitability.
Talks are ongoing but have reached a difficult stage as price and structure are finalized.
Depomed said later on Tuesday that it had already rejected the hostile takeover offer.
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