Brightpoint (CELL) Unit Completes JV in Malaysia; Will Pay $6.1M, Transfers 40% Stake in JV
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Brightpoint, Inc. (Nasdaq: CELL) announced that its subsidiary, Brightpoint International (Malaysia) Sdn. Bhd., has successfully completed the formation of a joint venture in Malaysia with STC Partners Sdn. Bhd. ("STC") and purchased certain assets of STC. The transaction was previously announced on December 9, 2011. By finalizing the transaction, Brightpoint extends its presence in Asia Pacific to the Malaysian market.
Under the terms of the agreement, Brightpoint Malaysia paid RM18.9 million (approximately US$6.1 million) to STC and transferred 40 percent ownership of Brightpoint Malaysia to STC. In addition, according to terms more fully described in the Current Report on Form 8-K filed by Brightpoint, Inc. on December 9, 2011, Brightpoint Malaysia purchased the fixed assets and inventory held by STC at closing.
Under the terms of the agreement, Brightpoint Malaysia paid RM18.9 million (approximately US$6.1 million) to STC and transferred 40 percent ownership of Brightpoint Malaysia to STC. In addition, according to terms more fully described in the Current Report on Form 8-K filed by Brightpoint, Inc. on December 9, 2011, Brightpoint Malaysia purchased the fixed assets and inventory held by STC at closing.
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