Friday, October 8, 2010

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.