Supply-chain-services provider Ingram Micro Inc. (IM) agreed to
acquire wireless-equipment provider Brightpoint Inc. (CELL) for
roughly $622 million as it looks to expand in the mobility
market.
Ingram will pay $9 a share, a 66% premium to Brightpoint's
Friday close. Brightpoint shares surged 61% to $8.72 premarket.
Brightpoint, which provides life-cycle services to wireless
devices, had 69.1 million shares outstanding as of April 23.
Ingram Micro, which expects to close the deal in the third
quarter, said buying BrightPoint will create "a leading global
provider of device lifecycle services and solutions for the
mobility industry."
Ingram Micro said it will realize annual cost synergies and
efficiencies of more than $55 million by 2014, and expects the deal
to add at least 18 cents to adjusted per-share earnings in 2013 and
35 cents in 2014.
Separately, Brightpoint withdrew its full-year earnings guidance
and forecast a second-quarter loss from continuing operations of
two cents a share on revenue between $1.25 billion and $1.35
billion. Analysts surveyed by Thomson Reuters were expecting
per-share earnings of 22 cents on $1.41 billion in revenue.
Ingram Micro's shares closed Friday at $17.47 and were inactive
premarket. The stock is down 6% in the last three months.
Write to Chelsea Stevenson at chelsea.stevenson@dowjones.com
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