July 3, 2008
UTStarcom Sells PCD Business
California-based telecoms equipment vendor UTStarcom has sold its personal communications division to Personal Communications Devices for $240m cash.
The sale of the unit, which distributes handsets and related accessories in North America, is a result of the strategy announced in 2007 to concentrate on its core IP-based product offerings. The company also recently divested its Mobile Solutions Business.
Peter Blackmore, president and chief executive at UTStarcom, said: "With the divestiture of our PCD unit, our management team and employees will focus on pursuing the growth opportunities related to our core product suite of IPTV, NGN, and broadband offerings."
Personal Communications Devices is a new company controlled by AIG Vantage Capital.