TDI To Increase Ownership Stake In UTStarcom To Approx. 36% - Quick Facts

(RTTNews) - UTStarcom (UTSI) announced that its strategic partner Tongding Interconnection Information Co., intends to further increase its ownership stake in UTStarcom to approximately 36% through the purchase (by related entities) of 9.2 million shares from certain current shareholders of the company. Tongding Interconnection Information Co. will pay about $5.35 per share, for a total investment of approximately $49.2 million.

The selling shareholders are entities related to Shah Capital Opportunity Fund LP and Mr. Hong Liang Lu. The company noted that the sale is subject to approval by relevant US and Chinese authorities.