Online and catalog retailer Micro Warehouse was acquired today by Bridgeport Holdings in a stock deal worth an estimated $725 million.
Bridgeport Holdings is led by former IBM CFO Jerome York who will take over as Micro Warehouse's CEO, replacing Peter Godfrey who earlier had resigned from the position. York also will join Micro Warehouse's board of directors along with Bridgeport executives Gary Wilson, chairman of Northwest Airlines, and Hollywood dealmaker Michael Ovitz.
Bridgeport purchased 32.4 million shares of Micro Warehouse at $19 per share, giving it control of 93 percent of the retailer's common stock. The two companies are expected to close the deal later this week, Bridgeport reported in a written release.
Micro Warehouse posted sales of $2.4 billion last year and was 26 on the TWICE Top 100 Consumer Electronic Retailers list. The company publishes a variety of catalogs, including Micro Warehouse, Mac Warehouse and has an online store at www.microwarehouse.com.
For previous TWICE Online coverage of this topic see.
Cyberian Tops E-tailer Survey, 01-Nov-1999