Flextronics (FLEX) said Friday that it completed the sale of its equity investment and note receivable in Aricent for $255 million in cash. Aricent is a privately-held global innovation, technology and services company focused exclusively on communications products and services.
Paul Read, chief financial officer of Flextronics, said, "As we have previously announced, it is our intention to monetize non-core assets and benefit from the cash generated from those dispositions. We are pleased to have successfully executed this transaction, which increases our cash position and further strengthens our balance sheet."
Deutsche Bank Securities Inc. served as financial advisor to Flextronics for the Aricent sale.
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