SoftBank has announced on Friday that they are investing $1.26 billion in Brightstar, a major wireless distributor. The investment is part of a plan to centralize purchasing for SoftBank’s wireless units including Sprint. This deal values Brightstar at $2.2 billion and is expected to close later this year.
SoftBank will own 57% of Brightstar and Brightstar founder/CEO Marcelo Claure will own 43% of the Brightstar shares. SoftBank’s ownership will hit 70% over the next 5 years. Brightstar will purchase over $20 billion in handsets, accessories, and services once the transaction finalizes. Brightstar’s annual revenues are around $7 billion.
?SoftBank?s investment in Brightstar solidifies our position as the leading distribution, services, and innovation company in the world for the wireless industry,? stated Brightstar Marcelo Claure.