NextWave closes sale of PacketVideo to NTT DOCOMO

SAN DIEGO, USA: NextWave Wireless Inc. has announced the closing of the sale of its remaining 65 percent equity interest in PacketVideo Corp. to NTT DOCOMO, INC. for $111.6 million.

DOCOMO has previously acquired a 35 percent stake in PacketVideo from the Company in July 2009. Upon the closing of the transaction, PacketVideo became a wholly owned subsidiary of DOCOMO.

The transaction resulted in estimated net cash proceeds of approximately $106.5 million, after deduction of estimated expenses for the transaction, of which approximately $94.0 million is being applied to retire principal and accrued interest on the Company’s Senior Secured First Lien Notes pursuant to its secured note agreements, and approximately $12.5 million is being retained by the Company to fund its working capital needs.

PacketVideo is a market leader in mobile phone-based multimedia solutions and develops enterprise technologies that have been widely adopted by mobile operators and device manufacturers in North America and Europe. PacketVideo also provides solutions that allow PCs to share music, photos and video content with TVs, video recorders and other consumer electronics.