Japanese telecommunications company SoftBank Corp. (SFTBF, SFTBY) Friday agreed to invest $1.26 billion in Brightstar Corp., enabling the latter to expand its scale and further its position as a provider of services for the wireless industry.
As part of the deal, the Buying & Innovation Group, "BIG," a joint venture created to realize savings and efficiencies for SoftBank, Sprint, and Brightstar, will become a division of Brightstar.
SoftBank's investment, which values Brightstar at $2.2 billion, including its existing outstanding debt, is the next step in Brightstar's evolution.
The deal will have benefits for both companies, including
- Brightstar will become the exclusive provider of handsets, accessories, and services to certain SoftBank telecommunications affiliates
- Brightstar, leveraging certain SoftBank telecommunications affiliates, will buy over $20 billion in handsets, accessories, and services making it one of the leading buyers of mobile devices and accessories in the world.
Also, both companies will leverage Brightstar's local presence in over 50 countries to commercialize products and services offered by SoftBank, its affiliates, and its investment companies. After the deal, SoftBank will own about 57% and Brightstar CEO Marcelo Claure will own about 43% of Brightstar shares on an outstanding basis. Over the next 5 years, or upon certain events, SoftBank's ownership will accrete to 70%.
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