Wednesday, June 11, 2008

UTStarcom Sells Mobile Solutions Unit

Alameda-based UTStarcom, a developer of IPTV and other products for the communications market, said today that it has reached an agreement to divest its Mobile Solutions Business Unit to a private equity firm, OpenGate Capital. Financial terms of the sale were not disclosed. According to OpenGate, the new company will be called Star Solutions, and will be headed by current President of UTStarcom's Mobile Solutions Business Unit, Jack Mar. The unit develops, sells, and services wireless IP-based products used for cellular networks.