Brightpoint Acquires Hugh Symons Group Ltd.'s Wireless Distribution Business in the...
Brightpoint Acquires Hugh Symons Group Ltd.'s Wireless Distribution Business in
the United Kingdom
PLAINFIELD, Ind., April 28, 2008 (PRIME NEWSWIRE) -- Brightpoint, Inc.
(Nasdaq:CELL) ("Brightpoint") announced today that its wholly-owned subsidiary,
Brightpoint Great Britain Limited, has acquired the Hugh Symons Group Ltd.'s
wireless distribution business. Brightpoint Great Britain Ltd. acquired the
assets in exchange for 294,000 Pound Sterling (GBP) (approximately 586,000 USD)
and the value of inventory at date of closing. In addition, Brightpoint agreed
to contingent cash earn out payments based upon certain operating performance
measures which may be payable on the 1st, 2nd and 3rd anniversary of closing.
The total earn out payments shall in no event exceed 3.6 million Pound Sterling
(GBP) (approximately 7.2 million USD).
Mr. Hugh Roper and other key former members of Hugh Symons Group Ltd.'s wireless
distribution business will join Brightpoint Great Britain Ltd. and will continue
to be involved with the management and operation of the business.
"The acquisition will strengthen our position in Europe," stated Steen F.
Pedersen, President for Brightpoint Europe. "We have been looking for an
opportunity to enter the UK market for the past few years. We believe that we
have found the right opportunity. Hugh Symons Group Ltd. has been developing the
smart phone market in UK, which is an important element of our growth strategy.
Additionally, we want Hugh Roper and his team to further expand the business
with other Brightpoint models like the customized logistic services model."
"I believe that the ownership of Brightpoint gives us huge opportunities in UK,"
stated Hugh Roper, Managing Director and sole-shareholder of Hugh Symons Group
Ltd. "I am convinced that our UK team together with the knowledge and
competences from Brightpoint will be a powerful platform for further development
of the business. I am looking forward to develop Brightpoint Great Britain Ltd.
into a full-blown value adding distributor and logistic provider."
About Brightpoint
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in the distribution of
wireless devices and in providing customized logistic services to the wireless
industry. In 2007, Brightpoint handled approximately 83 million wireless devices
globally. Brightpoint's innovative services include distribution, channel
development, fulfillment, product customization, e-Business solutions, and other
outsourced services that integrate seamlessly with its customers. Brightpoint's
effective and efficient platform allows its customers to benefit from quickly
deployed, flexible, and cost effective solutions. The company has approximately
3,300 employees in more than 25 countries. In 2007 Brightpoint generated revenue
of $4.3 billion and net income of $47.4 million. Brightpoint provides
distribution and customized services to over 25,000 B2B customers worldwide.
Additional information about Brightpoint can be found on its website at
www.brightpoint.com, or by calling its toll-free Information and Investor
Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements
regarding future events or the future performance of Brightpoint. These
statements are only predictions and actual events or results may differ
materially. Please refer to the documents Brightpoint files, from time to time,
with the Securities and Exchange Commission; including, Brightpoint's most
recent Form 10-K and Exhibit 99.1, thereto. These documents contain and identify
important risk factors that could cause the actual results to differ materially
from those contained in or implied by these forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking statements
that speak only as of the date these statements were made. Brightpoint
undertakes no obligation to update any forward-looking statements contained in
this press release.
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CONTACT: Brightpoint, Inc.
Anurag Gupta
Anurag.gupta@brightpoint.com
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