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.
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