New York, July 2 (FinanceEnquiry.com) – Ingram Micro Inc (NYSE: IM), the world’s largest information technology distributor and supply-chain services provider, made an announcement on Sunday about its approval to buy BrightPoint Inc (NASDAQ: CELL), the global communications technology firm that specializes in the distribution of wireless devices and in providing customized logistics to the wireless industry.
The deal is valued at approximately $840 million inclusive of BrightPoint’s estimated debt of $190 million (net of cash), as on June 30, 2012. It is expected to be closed by the year end.
Under the terms of the deal, Ingram Micro will be acquiring the outstanding shares of BrightPoint’s common stock for $9.00 per share in cash, granting a 66 percent premium to BrightPoint’s closing stock price on June 29, 2012 and a 35 percent premium to the 90-day average trading price.
Ingram said this consolidation will emerge a leading global provider of device lifecycle services and solutions for the mobile industry.
The organization will be going to pay through its existing cash and credit facilities. The company informed that Morgan Stanley (NYSE: MS) will grant $300 million as a debt facility.
Meanwhile, BrightPoint expects to post Q2 revenue of $1.25 billion to $1.35 billion, with a non-GAAP profit of 14 cents a share.
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