SANTA ANA, Calif. and INDIANAPOLIS, July 2, 2012 /PRNewswire/ -- Ingram Micro Inc. (NYSE: IM), the world's largest technology distributor and supply-chain services provider, and Brightpoint, Inc. ("BrightPoint") (Nasdaq: CELL), a global leader in providing device lifecycle services to the wireless industry, announced today they have entered into a definitive agreement under which, subject to customary closing conditions, Ingram Micro will acquire all of the outstanding shares of BrightPoint common stock for $9.00 per share in cash, a 66 percent premium to BrightPoint's closing stock price on June 29, 2012, and a 35 percent premium to the 90-day average trading price. The transaction is valued at approximately $840 million, including the value of approximately $190 million of BrightPoint's estimated debt (net of cash), as of June 30, 2012. The complementary combination of Ingram Micro with BrightPoint will create a leading global provider of device lifecycle services and solutions for the mobility industry. Together, Ingram Micro and BrightPoint will have tremendous customer reach and deep relationships with key vendors, network operators and mobile virtual network operators. The combined company will have an expanded global geographic footprint and customer base in the rapidly growing and strategically important mobility market. "BrightPoint is a well-run company with leading, high-value services and solutions coupled with excellent distribution channels in the global mobility market," said Ingram Micro president and chief executive officer Alain Monie. "BrightPoint's offerings are highly complementary to both our logistics and distribution businesses, which will enable us to go to market with the leading portfolio of mobility device lifecycle services and solutions. Our expanded geographic footprint and strong financial position create growth opportunities for the combined company and give vendors, network operators and mobile virtual network operators, partners and customers one-stop access to one of the widest ranges of mobility and technology products, services and solutions. "Strategically, it is a great fit and is immediately additive to Ingram Micro's existing offerings," Monie added. "Expanding our presence in the mobility market has been a focus of Ingram Micro and the acquisition of BrightPoint accomplishes this to an extent that would have been challenging to achieve on our own. Additionally, the complementary nature of our businesses provides a unique opportunity to drive synergies and efficiencies across the combined companies, which is expected to result in meaningful accretion to earnings per share beginning in 2013. The transaction clearly supports our longer-term growth and profitability targets and meets our return-on-investment criteria for creating shareholder value."
Brightpoint (Nasdaq:CELL) hit a new 52-week low Wednesday as it is currently trading at $4.90, below its previous 52-week low of $4.91 with 70,456 shares traded as of 11:49 a.m. ET. Average volume has been 634,800 shares over the past 30 days.
Brightpoint (Nasdaq:CELL) hit a new 52-week low Monday as it is currently trading at $5.02, below its previous 52-week low of $5.04 with 22,355 shares traded as of 9:49 a.m. ET. Average volume has been 656,500 shares over the past 30 days.