Status: |
Upcoming/New Filing |
Acquirer: |
Tonghao Information Technology (Shanghai) Co., Ltd. (China) |
Acquired: |
UTStarcom Holdings Corp. (Cayman Islands) |
Value: |
Approx. US$49.2 Million |
Industry: |
Telecommunications |
On January 31, 2019, Tonghao (Cayman) Ltd. entered into an agreement with a group of selling individuals and entities to purchase an additional 9,200,000 Ordinary Shares (approx. 25.6% of total outstanding Ordinary Shares), with an aggregate purchase price of US$49,220,000, of UTStarcom Holdings Corp., a Cayman Islands corporation and holding company for the UTStarcom business that provides telecommunication infrastructure products and services. (UTStarcom Holdings Corp. Schedule 13D/A, Feb. 4, 2019, SEC Filing.) “The closing of the purchase and sale . . . is subject to customary conditions, including the obtaining of all necessary authorizations, consents, orders and approvals of The Committee on Foreign Investment in the United States (the “CFIUS Approval”) . . .” (Id.) “The Aggregate Purchase Price will be funded to the Acquirer by its sole shareholder, Tonghao Information Technology (Shanghai) Co., Ltd. (通灏信息科技(上海)有限公司).” (Purchase and Sale Agreement, UTStarcom Holdings Corp. Schedule 13D/A, Ex-99.12, Feb. 4, 2019, SEC Filing.) “UTStarcom was founded in 1991 and began trading on NASDAQ since 2000. It has operating entities in Tokyo, Japan; San Jose, USA; Hangzhou, China; and Delhi and Bangalore, India.” (UTStarcom website, About Us web page, visited Aug. 20, 2019.)