Brightpoint Completes CellStar Acquisition
By Colleen Bohen -- TWICE, 3/30/2007
Plainfield, Ind. —Brightpoint has completed its previously-announced acquisition of virtually all of CellStar’s assets and liabilities related to its U.S. and Latin American businesses.
CellStar’s Mexican, Chilean and other operations were not a part of the deal.
“This transaction provides a foundation to implement our expansion into Latin America, broadens our product offering, and will improve overall operating efficiencies to help drive long-term value for our stakeholders,” said J. Mark Howell, Brightpoint’s president in a statement. He also welcomed the former CellStar employees to the Brightpoint team.
The purchase price was said to have been reduced to $62.4 million, down from the original estimate of $88 million, based on a preliminary estimate of net asset adjustments. Brightpoint said that the price could be adjusted further as the net assets and other matters are finalized. The company said in a statement that it “expects to record goodwill and other intangible assets of approximately $63.5 million in relation to this transaction.”
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