MIAMI , July 11, 2012 /PRNewswire/ -- Brightstar Corporation, the world's largest specialized wireless distribution and services company, has reached an agreement to sell its 50 percent ownership interest in Brightstar Europe Limited (BEL) to Tech Data Corporation (Nasdaq: TECD). Under the terms of the agreement, Tech Data will pay Brightstar approximately $165.6 million in cash. Brightstar will use the proceeds from the transaction for investment, expansion, and general corporate purposes. As a result of this transaction, Brightstar Corporation's book value will increase by approximately US$92 million to approximately US$675 million on a pro-forma basis as of March 31, 2012.
Brightstar Corporation Announces Agreement To Divest Its 50% Interest In Its European Joint Venture To Tech Data Corporation
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