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.
The planned sale, to be completed in April, will reduce Softbank America's stake in UTStarcom to about 15 percent from 21 percent. However, it will remain the largest shareholder of the California-based company, Softbank said.