Wireless distribution company Brightstar Corporation has agreed to sell its 50.0 per cent holding in Brightstar Europe, the joint venture it formed with Tech Data Corporation.
Tech Data will buy the stake for USD 165.60 million in cash and will wholly-own the business on completion.
In line with the purchase, Brightstar Europe’s handset protection & insurance and buy-back & trade-in customers will be taken over by Brightstar.
The target’s employees will also have the opportunity to join Brightstar Corporation’s European operations.
Funds raised as a result of the sale will contribute towards investment, expansion and general corporate purposes.
The vendor will focus on the growth of its European business and expanding its geographic footprint, both through organic growth and by making acquisitions.
Marcelo Claure, chief executive of Brightstar said: “We are now looking forward to operating in Europe under a Brightstar Corp fully-owned subsidiary and making our broad suite of services, including distribution, available to customers across Europe.”
Both parties will continue to cooperate on TDMobility, their US joint venture.
Brightstar Europe is present in 17 countries and claims to be the fastest-growing mobile distributor in Europe.
The company is based in Basingstoke and is the first firm of its type with pan-European coverage.
Tech Data Corporation is headquartered in Florida and distributes microcomputer-related hardware and software products.
It claims to be one of the largest companies in its sector worldwide, and achieved sales of USD 24.00 billion in fiscal 2011.
Brightstar is headquartered in Miami and is the world’s largest specialised wireless distributor, according to its website.
The firm is present in 51 countries across six continents and has a customer base numbering 43,000.
It recorded revenue of more than USD 5.70 billion for the last fiscal year.
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