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Upcoming/New CFIUS Filing: Tonghao Information Technology, and UTStarcom Holdings Corp.

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.)

© Copyright 2019 Squire Patton Boggs (US) LLP

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