U.S. Markets open in 3 hrs 40 mins

UniTek Global consummates planned sale of wireline assets for $5.9M

UniTek Global announced that it has entered into an agreement to sell certain of the assets of its wireline business unit to NX Utilities for a price of $5.9M. In addition, UniTek will retain approximately $3M of net working capitalas of the effective date of the agreement, and NX Utilities will assume approximately $3M of debt. The closing will occur in two stages with the first stage having occurred on December 28. Scott Lochhead, who previously headed the wireline group, is a minority owner of NX Utilities and has left the company following the transaction.