UTStarcom Divests Division
Alameda-based UTStarcom said today that it has agreed to sell its Personal Communications Division to a new company, formed by AIG Vantage Capital, a part of AIG Investments. According to UTStarcom, AIG will pay approximately $240M in cash to the firm for its Personal Communications Division, in addition to up to $50M in earn out. UTStarcom said the spinout is part of its efforts to focus on its core IP-based product offerings. The divestiture is the second for the firm, which also recently divested its Mobile Solutions bUsiness Unit. The new spinout will be called Personal Communications Devices LLC.
posted on Tuesday, July 1, 2008
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