Softbank has signed a $1.26bn deal to acquire 57% stake in wireless distributor Brightstar in efforts to boost negotiating power with device manufacturers.
SoftBank, which owns 80% of US mobile operator Sprint, said the deal would boost its ownership of Brightstar to 70% over the following five years.
Brightstar founder chairman and CEO Marcelo Claure said:"Our alliance with SoftBank provides additional products and services to Brightstar’s already best-in-class services allowing us to better serve our customers in more than 125 countries where we do business."
Under the deal, the Buying & Innovation Group, "BIG," which is a joint venture formed to recognise savings and efficiencies for SoftBank, Sprint, and Brightstar, would be a unit of Brightstar.
The transaction would also make Brightstar the exclusive provider of handsets to SoftBank partners.
Approved by the Board of Directors of SoftBank, the transaction is expected to be closed by the end of 2013.
