Acquisition Expands Brightstar`s European Footprint and Reach into 13 Countries
Miami and London - December 5, 2013 - Brightstar Corp., the world`s largest wireless distribution company and a leader in services for the wireless industry, announced today the acquisition of 20:20 Mobile, the leading provider of distribution and integrated supply chain solutions to the European mobile industry. The acquisition will enable Brightstar to more easily serve the entire European marketplace.
With this acquisition, operators, retailers and suppliers throughout Europe will now have access to Brightstar`s suite of services created for the mobile industry via the strong infrastructure built by 20:20 Mobile. 20:20 Mobile currently serves over 3,500 customers with annual turnover of nearly £1 billion.
Brightstar will acquire facilities in the UK, Spain, Hungary, Portugal, Denmark, Finland, Norway, and Sweden, and provide products and services across 13 European countries.
Marcelo Claure, Brightstar`s president and CEO, said, "With the strategic acquisition of 20:20 Mobile, Brightstar has a strong position in the European market, one of the most exciting and progressive markets in the world. Bringing the team of 20:20 Mobile into the Brightstar family will allow us to deliver some of the top innovations and services developed for mobility to the operators, retailers and manufacturers that are leading the wireless industry in Europe."
Brightstar`s suite of services includes value-added distribution, supply chain solutions, buy-back and trade-in services, handset protection and insurance, multi-channel retail services and financial solutions for mobile devices. It serves more than 200 operators and 50,000 retailers, and has a local presence in more than 50 countries, including the UK and Spain.
The acquired company, which will be renamed "Brightstar 20:20", will be led by a strong management team:
German Lopez, currently managing director of 20:20 Mobile in Spain and Portugal, will lead the organization as President, Europe. During his tenure with 20:20, Lopez grew subsidiaries in Spain and Portugal from £15 million when he joined the Company in 2007 to record revenues of over £270 million for the fiscal year ended March 31, 2013.
Jim Michel will serve as the Managing Director of Brightstar 20:20 UK. Prior to joining Brightstar 20:20, Michel served as the Managing Director of Tech Data Mobile in the UK between October 2011 and July 2013 and previously held senior management positions with both Motorola and LG Electronics.
Fredrik Rudberg will continue serving the Nordics as Managing Director of Brightstar 20:20 Mobile Nordics. He has held the managing director role for 20:20 Mobile since February 2009. In the past four years, he developed industry-leading 3PL capabilities in Sweden and expanded the company`s business in Finland and the Baltics. He has 15 years of experience in the telecom business, including leading roles at Telia Sonera and Nokia Scandinavia.
The acquisition is expected to close early in the first quarter of 2014 pending certain closing conditions.
Brightstar is the world`s largest specialized wireless distributor and a leading provider of diversified services focused on enhancing the performance and results of the key participants in the wireless device value chain: manufacturers, operators and retailers. For more information, please visit http://www.brightstarcorp.com.
Safe Harbor Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to risks and uncertainties. All such forward-looking statements, whether written or oral, and whether made by or on behalf of Brightstar, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, Brightstar disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information, please visit http://www.brightstarcorp.com.
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Source: Brightstar Corp. via GlobeNewswire