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UTStarcom selling mobile solutions business

[2008-6-10]

Telecommunications equipment maker UTStarcom Inc. said Monday that it private equity firm OpenGate Capital will acquire its mobile solutions business.

Financial terms of the deal were not released. UTStarcom expects the transaction to be completed in about three weeks.

The unit, which consists mostly of the company's Internet protocol CDMA mobile technology business, will be renamed Star Solutions, UTStarcom said.

The company said that the unit sale is part of its move to focus on other IP-based technologies such as Internet protocol television, next-generation networks and broadband.

UTStarcom shares rose 10 cents in after-hours trading, after finishing regular trading up 8 cents at $5.61.

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