Tech Data (TECD) to Acquire Joint Venture Partner's Interest in Brightstar Europe Limited
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Tech Data Corporation (Nasdaq: TECD) has reached an agreement to acquire Brightstar Corp.'s (Brightstar) 50% ownership interest in Brightstar Europe Limited (BEL), a pan-European provider of distribution and integrated supply chain solutions for the mobility industry.
The terms of the agreement call for Tech Data to pay Brightstar approximately $165.6 million in cash for Brightstar's equity in the joint venture and the repayment of all loans advanced by Brightstar to the joint venture.
As a result of this transaction, Tech Data expects to record an adjustment that decreases additional paid-in capital within shareholders' equity by approximately $92 million, representing the estimated purchase price premium paid to Brightstar for its share of the joint venture and costs incurred associated with the transaction. The actual amount of the adjustment will vary based on the final purchase price allocation, exchange rates and actual costs incurred. Tech Data expects to fund the acquisition with available cash.
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The terms of the agreement call for Tech Data to pay Brightstar approximately $165.6 million in cash for Brightstar's equity in the joint venture and the repayment of all loans advanced by Brightstar to the joint venture.
As a result of this transaction, Tech Data expects to record an adjustment that decreases additional paid-in capital within shareholders' equity by approximately $92 million, representing the estimated purchase price premium paid to Brightstar for its share of the joint venture and costs incurred associated with the transaction. The actual amount of the adjustment will vary based on the final purchase price allocation, exchange rates and actual costs incurred. Tech Data expects to fund the acquisition with available cash.
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