Private equity firm OpenGate Capital will acquire UTStarcom's mobile solutions business. The deal is expected to close in about three weeks. Financial terms were not disclosed.
UTStarcom says the sale is part of the company's plan to focus on other telecom businesses such as IPTV, next-gen networks and broadband. The mobile solutions business consists primarily of its CDMA products and will be renamed Star Solutions.
In other news, the company named Peter Blackmore CEO effective July 1. Blackmore succeeds Hong Liang Lu, who will become the firm's executive chairman.
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UTStarcom shifts focus from WCDMA to IPTV