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Brightpoint Buys U.K. Wireless Business

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Author: WildC@rd

Brightpoint’s wholly-owned subsidiary, Brightpoint Great Britain Limited, has purchased the wireless distribution business of Hugh Symons Group Ltd. for $586,000 and the value of inventory at date of closing. Brightpoint also agreed to certain contingent cash earn-out payments based on specific operating performance metrics which may be paid out over the next three years and not exceed $7.2 million. Hugh Roper, managing director and sole shareholder of Hugh Symons Group, and other key members of the U.K. company’s wireless distribution business will remain with Brightpoint Great Britain Ltd. and will continue to be involved in the management and operation of the business. According to Steen Pedersen, president for Brightpoint Europe, the company has been looking for the right opportunity to enter the U.K. market, and the Hugh Symons Group Ltd.’s efforts in developing the smartphone market in U.K.made it a fit for Brightpoint’s growth strategy. The Plainview, Ind.-based company has been busy this month. Besides today’s news, the company announced a logistics agreement with Xohm, Sprint’s WiMAX unit; it agreed to distribute Garmin products in India; and it signed a distribution agreement with ZTE USA. Brightpoint's services include distribution, channel development, fulfillment, product customization, e-Business solutions and other outsourced services. Brightpoint currently has about 3,300 employees in more than 25 countries.
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