Unwired Planet to divest IP licensing business
Unwired Planet will sell its intellectual property licensing business to Optis UP Holdings for $30 million.
According to Unwired Planet, Dallas-based Optis UP will acquire its patent and trademark assets as well as some EU employees.
Unwired Planet will receive $30 million once the transaction is finalised and up to an additional $10 million on the second anniversary of finalising the deal.
The company expects the transaction to be finalised later this year.
Unwired Planet will be able to terminate the agreement if it pays Optis UP a $2 million fee, the company said.
Boris Teksler, chief executive of Unwired Planet, said: “This strategic decision to divest the IP licensing business reflects Unwired Planet's focus on safeguarding investor equity.”
Leslie Ware, chief executive of Optis UP, added: “Closing this transaction will enable Optis Up to license this important portfolio spanning standards-based cellular innovation along with application and cloud-centric computing to smart devices.”
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