CIRTEK Holdings Philippines Corp. (CHPC) has agreed to sell substantially all the assets of subsidiary Quintel USA Inc. to US-based John Mezzalingua Associates LLC (JMA) in a transaction valued at up to $5.3 million.
In a disclosure, Cirtek said it had executed an asset purchase agreement covering Quintel’s antenna solutions business following board approval on June 15, 2026.
The agreement covers substantially all the operating assets of Quintel, including customer contracts, intellectual property, inventory, accounts receivable, order backlog, product-related records and other business-related assets tied to its base station antenna operations.
Under the deal, JMA will also assume certain liabilities associated with the business.
Cirtek said the transaction reflected its ongoing portfolio optimization and resource alignment.
“The strategic divestment permits CHPC to optimize its corporate structure, shed outstanding third-party and operating liabilities and monetize its underlying business assets to improve overall corporate liquidity and operational focus,” the company said.
JMA, a Delaware-based wireless infrastructure solutions provider, was said to have no material relationship with Cirtek, its directors, officers or affiliates.
Under the agreement, JMA will pay an initial $3.3 million within 14 days after closing, with the approximately $2.0 million remaining to be settled after final determination of deductible liabilities, expected within about four months.
The final purchase price is subject to adjustments based on assumed and other agreed liabilities, Cirtek said, adding that the consideration was determined through negotiations based on the valuation of Quintel’s business, assets and liabilities.
“The sale of Quintel is an important step in streamlining our operations and focusing on businesses with the greatest potential for long-term growth and profitability,” Cirtek said.
“This transaction enables us to concentrate our resources on areas where we see the strongest opportunities ahead.”
The transaction is subject to customary closing conditions, including execution of closing documents, assignment of specified contracts and intellectual property and other requirements under the agreement.
Cirtek said the deal was expected to improve liquidity, reduce exposure to Quintel’s liabilities, and support efforts to strengthen operational efficiency across its remaining business segments.
Following completion of the sale, the company said it would continue evaluating opportunities to enhance shareholder value and optimize its portfolio structure.
Shares of Cirtex on Tuesday added P0.01, or 1.75 percent, to close at P0.58 each.
NAZYLEN JOY MABANGLO
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