Monday, July 2, 2012

Ingram Micro (NYSE:IM) To Buy BrightPoint For $840 Million

Ingram Micro (NYSE:IM) To Buy BrightPoint For $840 MillionNorthern, WI 7/2/12 (streetBeat) -- Ingram Micro Inc. (NYSE:IM), the world’s largest technology distributor, agreed to acquire BrightPoint Inc. (Nasdaq:CELL) for about $840 million, including debt, to expand its reach as a provider of mobile products and services.

The deal values BrightPoint, a distributor of mobile devices for phone companies, at $9 a share, representing a 66 percent premium to the company’s closing price on June 29. The transaction includes about $190 million of BrightPoint’s estimated debt, net of cash, as of June 30, the companies said in a statement today.

With the BrightPoint acquisition, Santa Ana, California- based Ingram Micro plans to create a global provider of services and solutions for the mobile industry, according to the statement. The combined company will target vendors and operators of wireless networks.

Indianapolis-based BrightPoint’s “offerings are highly complementary to both our logistics and distribution businesses, which will enable us to go to market with the leading portfolio of mobility device lifecycle services and solutions,” Ingram Micro Chief Executive Officer Alain Monie, said in the statement.

The combined company will offer “customers one-stop access to one of the widest ranges of mobility and technology products, services and solutions,” Monie said.

The deal, which Ingram Micro expects to complete next quarter, will be “meaningfully accretive” and will create $55 million in anticipated cost savings by 2014, the companies said.

Ingram Micro rose 0.6 percent to $17.57 at 9:32 a.m. in New York. The shares had dropped 4 perecent this year through June 29. BrightPoint surged 64 percent to $8.86. The shares had tumbled 50 percent this year.

Please contact for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail or call (662) 392-0740 for pricing and scheduling.

StreetBeat Disclaimer

Distributed by Viestly

No comments:

Post a Comment