OWINGS MILLS, Md.-Aether Systems Inc. said it has agreed to sell its transportation division to an affiliate of Platinum Equity for $24 million in cash.
Stockholders and closing conditions will determine if the deal will be approved.
The company said it is in discussion with potential buyers to sell its remaining wireless division, the Mobile Government Division.
The company said it will now focus on mortgaged-backed securities with a $75 million financial commitment. At one point, Aether was a wireless Internet darling, with stock trading at upwards of $300.
“With the agreement to sell our transportation business and progress on a potential sale of our Mobile Government business, our plan is to expand the investment strategy that we outlined last month so that our company’s focus will become building and managing a leveraged portfolio of mortgaged-backed securities,” said David Oros, Aether’s chairman and chief executive officer.
