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.
The company will now focus on mortgaged-backed securities with a $75 million financial commitment.
“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.
