Tech Data buys out Brightstar Europe

Tech Data will buy out Brightstar Corp.'s half share of Brightstar Europe. 

The joint venture was formed in 2007 to capitalise on the evolving mobile and wireless device market in Europe. The terms of the agreement call for Tech Data to pay Brightstar roughly $165.6m in cash for Brightstar's equity in the joint venture, a written statement said. Terms also call for the repayment of all loans advanced by Brightstar to the joint venture.

The transaction is expected to be complete in Tech Data's third quarter of fiscal year 2013.

Tech Data’s European mobility business is a key element in its strategy of diversifying into higher-growth, higher-return specialty areas, said Robert Dutkowsky, CEO of Tech Data. "We are grateful to Brightstar for its partnership and expertise throughout the last five years, but believe that full ownership of our European mobility business is in the long-term best interest of our shareholders,” he said.