Tech Data (TECD) Completes Acquisition of Interest in Brightstar Europe Limited
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Tech Data Corporation (Nasdaq: TECD) announced it has completed the acquisition of 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.
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...the transaction is not expected to impact Tech Data's fiscal 2013 net sales, gross profit or operating income.
With the transaction now complete, Brightstar's portion of BEL's operating performance, (reflected as "net income attributable to noncontrolling interest"), will be eliminated as of the closing date, resulting in an anticipated positive impact to fiscal 2013 net income and earnings per share attributable to shareholders of Tech Data Corporation.
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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...the transaction is not expected to impact Tech Data's fiscal 2013 net sales, gross profit or operating income.
With the transaction now complete, Brightstar's portion of BEL's operating performance, (reflected as "net income attributable to noncontrolling interest"), will be eliminated as of the closing date, resulting in an anticipated positive impact to fiscal 2013 net income and earnings per share attributable to shareholders of Tech Data Corporation.
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