SoftBank to spend $1.26 bln on majority Brightstar stake

October 18, 2013

NEW YORK, Oct 18 (Reuters) - SoftBank Corp said on Friday it agreed to pay $1.26 billion for a 57 percent stake in privately held cellphone distributor Brightstar Corp.

After the deal SoftBank, the 80 percent owner of No. 3 U.S. mobile operator Sprint Corp, said Brightstar would become the exclusive provider of handsets to some SoftBank affiliates.