Printed from http://www.electronista.com

UTStarcom selling US cellular phone division

updated 04:25 pm EDT, Tue July 1, 2008

UTStarcom sells handsets

Budget cell phone maker UTStarcom will sell its cellular handset distribution division to an investment group primarily owned by AIG Vantage Capital. UTStarcom bought the handset operation from Audiovox less than four years ago and supplies more than 20 mobile carriers, posted a net loss of $195.6 million in the last fiscal year. The sale is part of a restructuring effort and follows the company's announcement to sell its Mobile Solutions Business Unit earlier this year.

The deal is worth about $240 million initially, though UTStarcom could get up to $50 million more over the course of three years if the new venture, to be named Personal Communications Devices (PCD), meets unspecified financial goals. UTStarcom will keep a two percent stake in the new company and sell handsets in North and South America, and directly to carriers in other parts of the world.

The sale will allow UTStarcom to focus on its core IP-based communications products in growing economies in Asia, Latin America and eastern Europe, among others. [via TWICE]



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

  1. Guest

    Fresh-Faced Recruit

    Joined: Nov 1999

    -1

    UTSTARCOM PHONE

    I PURCHASED THE PHONE PACKAGE AT KROGER. I JUST ADDED $20 OF MIN. AND NOW IT WILL NOT COME ON. RED LIGHT IS ON AND IT WILL NOT CHARGE. CAN YOU TELL ME WHAT'S WRONG?

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Logitech Hyperion Fury mouse

Selecting the correct gaming mouse comes down to finding a device that balances the needs of a user with a price they can afford. Ofte ...

Life n Soul BM211 Bluetooth speaker

Bluetooth speakers aren't only for listening to some music at the park or on a long bus ride, but can also be built with tablets in mi ...

Epson PowerLite Home Cinema 2030 projector

With high-definition televisions now the standard, 4K televisions becoming the next big thing, and plasma TVs going the way of the din ...

Sponsor

toggle

Most Commented

 
toggle

Popular News