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UTStarcom selling US cellular phone division

07/01, 4:25pm

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.

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