Shah Capital Fund, LP managed by Shah Capital Management, Inc, Himanshu H. Shah, Hong Liang Lu and Tenling Ti, Chief Executive Officer at UTStarcom agreed to acquire remaining 74.89% stake in UTStarcom Holdings Corp. for $57 million.

Shah Capital Fund, LP managed by Shah Capital Management, Inc, Himanshu H. Shah, Hong Liang Lu and Tenling Ti, Chief Executive Officer at UTStarcom agreed to acquire remaining 74.89% stake in UTStarcom Holdings Corp. (NasdaqGS:UTSI) for $57 million on March 31, 2017. Under the terms of the agreement, the consideration involves $2.15 per share of UTStarcom Holdings Corp.

Shah Capital Fund, LP, Hong Liang Lu and Tenling Ti currently holds 7.55 million, 0.02 million, 0.01 million, 0.07 million, 1.15 million and 0.18 million shares in UTStarcom Holdings Corp. The consideration will be funded by equity capital and the buyers may borrow bridge loan. Post transaction, UTStarcom Holdings Corp.

will be delisted from NASDAQ. A special committee consisting of Directors will be appointed to review the acquisition. The transaction is subject to signing of a definitive agreement and approval by Board of UTStarcom Holdings Corp.

David Chen and George Cheng of DeHeng Law Offices acted as legal advisor to Shah Capital Fund, LP managed by Shah Capital Management, Inc, Himanshu H. Shah and Hong Liang Lu. Duff & Phelps Securities, LLC acted as financial advisor whereas Kirkland & Ellis LLP acted as legal advisor to UTStarcom Holdings. Ralph Fong of The Blueshirt Group acted as PR advisor to UTStarcom Holdings Corp.