Motorola gave details of more than $1 billion in cash it had rais...
Motorola gave details of more than $1 billion in cash it had raised since start of year from selling off investments in wireless operators in 5 countries -- Brazil, Egypt, Israel, Jordan, Pakistan. It plans to sell stakes in…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
Hong Kong and Mexico that could provide up to another $2 billion in cash or stock by 3rd quarter, Motorola said. Sales involved: (1) 34% investment in Brazil’s Global Telecom to its owners, including Japan’s DDI. (2) 100% of it stake in Egypt’s MobilNil to France Telecom. (3) 50% stake in Israel’s Pelephone to Shamrock Holdings. (4) 26% position in Jordan’s FastLink to Cairo-based Orascom. (5) 30% of Pakistan’s Mobilink, also to Orascom. Last two transactions are expected to be completed soon, Motorola said. Carrier said it also planned to sell its stakes in other wireless companies, although it didn’t announce details. Motorola’s other wireless investments include stakes in wireless operators in Argentina, Azerbaijan, Dominican Republic, Honduras, Lithuania, Uruguay. Deals are part of its effort to eliminate its interests in wireless carriers that date back as far as 1985. Motorola initially took stakes to drive wireless growth outside U.S., to woo wireless equipment customers and to deepen relationships with existing customers, company said. Company began wiping out such investments in Oct.