Softbank Corp. said Monday its wholly owned subsidiary, Softbank America Inc., will sell part of its holding in UTStarcom Inc., a U.S. network access equipment maker.

Softbank said Delaware-based Softbank America will sell 8 million of UTStarcom’s outstanding shares for $139 million. The proceeds will be used mainly for its broadband business in Japan.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.