PCTEL says to sell unit to Smith Micro for $59.7 mln in cash

Dec 10 (Reuters) - PCTEL Inc (PCTI.O) said it agreed to sell its mobility solutions group to Smith Micro Software Inc (SMSI.O) for about $59.7 million in cash.

PCTEL said it will get about $42 million, after expenses, from the sale of the business, which it acquired in 2002 for $1.5 million.

The telecommunications software and hardware maker also said it will buy back 3 million common shares. (Reporting by Supantha Mukherjee in Bangalore)