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NextWave Complete PacketVideo Sale
San Diego-based NextWave Wireless said Friday that it has completed the sale of its 65 percent equity interest in PacketVideo. The firm said the sale, to NTT DOCOMO, was worth $111.6M. NextWave Wireless said it will result in net cash proceeds of $106.5M from the sale. The firm said it will use $94.0M of the proceeds to retire Senior Secured First Lien Notes, with the remaining $12.5M going towards working capital. NextWave had announced the sale in August. PacketVideo becomes a wholly owned subsidiary of DOCOMO as a result of the sale. NextWave and NTT DOCOMO had partnered in July of last year, when NTT DOCOMO purchased 35 percent of PacketVideo.
posted on Friday, October 8, 2010

Related companies:
NextWave Wireless

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