Quality One Wireless, Inc. entered into an asset purchase agreement to acquire Personal Communications Devices Holdings, LLC for approximately $110 million.

Quality One Wireless, Inc. (OTCPK:QOWI) entered into an asset purchase agreement to acquire Personal Communications Devices Holdings, LLC for approximately $110 million on August 19, 2013. Quality One Wireless will receive termination fee of $4.3 million. The transaction is subject to higher bids, antitrust approval and employment agreements.

On September 16, 2013, Judge Alan S. Trust of the U.S. Bankruptcy Court for the Eastern District of New York in Central Islip approved bidding procedures negotiated by Personal Communications Devices, its official committee of unsecured creditors and the stalking horse bidder Quality One Wireless LLC. On October 17, 2013 The US Bankruptcy Court approved the sale order and Quality One Wireless was the winning bidder. For the year ended December 31, 2012, Personal Communications Devices Holdings, LLC reported revenues of $1600 million and loss of $16.9 million.

Andrew J. Weidhaas, Emanuel Grillo and Breck Hancock of Goodwin Procter LLP acted as legal advisors to Personal Communications Devices. BG Strategic Advisors and Richter Consulting Inc. acted as financial advisors to Personal Communications Devices. Raymond James and Associates, Inc., acted as financial advisor and Joseph J. Wielebinski and Jeffrey D. Dunn of Munsch Hardt Kopf & Harr, P.C. acted as legal advisors to Quality One Wireless.

BNY Mellon, National Association acted as escrow agent in the transaction. Frank A. Oswald, David A. Paul and Leo Muchnik of Togut, Segal & Segal, LLP acted as legal advisors for Personal Communications Devices Holdings, LLC.