ALAMEDA, Calif.-UTStarcom announced it finalized its $165 million acquisition of some assets of Audiovox Corp.’s mobile handset division.
UTStarcom, which supplies wireless and wire-line switching units, said it expects the acquisition to generate more than $250 million in the fourth quarter. The company acquired 250 former Audiovox employees in the deal and hopes to use the assets to enter the global CDMA market.
The deal was initially announced in June and officially closed Monday afternoon. Philip Christopher, former chief executive officer of Audiovox Communications Corp., was installed as new president and chief executive officer of UTStarcom Personal Communications LLC.
“Teams from both companies have been working very hard on integration roadmaps for a smooth assimilation of Audiovox into the UTStarcom family,” Christopher said.
