Tech Data Completes Acquisition of Joint Venture Partner's in Brightstar Europe Limited

Tech Data Corporation TECD, a leading distributor of IT products, today announced it has completed the acquisition of Brightstar Corp.'s (Brightstar) 50 percent ownership interest in Brightstar Europe Limited (BEL), a pan-European provider of distribution and integrated supply chain solutions for the mobility industry. Tech Data paid Brightstar $165.6 million in cash for Brightstar's equity in the joint venture (reflected as "noncontrolling interest" within the Company's consolidated balance sheet) and the repayment of all loans advanced by Brightstar to the joint venture. As a result of this transaction, Tech Data will record an adjustment that decreases additional paid-in capital within shareholders' equity by $86 million to $90 million, representing the purchase price premium paid to Brightstar for its share of the joint venture and costs incurred associated with the transaction.