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Novatel Wireless (Nasdaq: MIFI) announced that it has entered into an agreement with T.C.L. Industries Holdings, a Hong Kong company (TCL), whereby Novatel Wireless will sell to TCL its mobile broadband business (including its MiFi® branded hotspots and USB modem product lines) for a cash payment of US $50,000,000 payable at closing. The closing of the transaction is subject to the receipt of various regulatory authority approvals, as well as the approval of Novatel Wirelesss stockholders and convertible noteholders. The closing of the transaction is expected to occur in the first quarter of 2017.
The sale of Novatel Wirele…
Read the full article at: http://www.streetinsider.com/Corporate News/Novatel Wireless (MIFI) to Sell Mobile Broadband Business in $50M Deal; Will Undertake Restructuring/12063548.html