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Ingram Micro Agrees to Purchase BrightPoint
The deal will add to Ingram Micro鈥檚 suite of logistics services while expanding the combined company鈥檚 global reach in the 鈥渞apidly growing and strategically important鈥 mobility market, the companies said.
Ingram Micro Logistics, a unit of Ingram Micro, Santa Ana, Calif., ranks No. 27 on the Transport Topics Top 50 list of the largest logistics companies in North America. It serves the electronics, manufacturing and retail industries.
BrightPoint North America, a unit of BrightPoint Inc., Plainfield, Ind., an Indianapolis suburb, ranks No. 43 on the TT Top 50 list.
Under the terms of the deal, Ingram Micro will buy all the outstanding shares of BrightPoint鈥檚 common stock for $9 a share in cash, a 66% premium to BrightPoint鈥檚 closing stock price on June 29 and a 35% premium to the 90-day average trading price, the companies said.
The value of the transaction includes about $190 million in BrightPoint鈥檚 debt.
Ingram Micro said that it expects the transaction to add at least 18 cents to its earnings per share in 2013 and 35 cents per share in 2014.
Earnings per share last year were $1.53 for Ingram Micro.
The transaction, which will require approval by holders of a majority of BrightPoint鈥檚 outstanding shares, is expected to close before the end of the year, the companies said.
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