Given the soft cell phone market and Brightpoint’s recent struggles, a sale to California-based Ingram Micro for about $840 million makes sense, analysts say. The two companies announced the acquisition early Monday morning.
The $840M deal, which would eliminate one of Indiana’s six Fortune 500 companies, is casting uncertainty over Hendricks County, where the company is one of the largest employers.
Indianapolis-based BrightPoint Inc. has agreed to be acquired by California-based Ingram Micro Inc. for about $840 million, the two companies said early Monday morning.
Performance varied widely as industries ebbed, flowed.
BlackBerry maker Research In Motion Ltd., which said it wouldn’t turn a profit this quarter, accounts for about 10 percent of BrightPoint’s distribution business.
BrightPoint Inc. stock fell as much as 12 percent early Friday morning following disappointing first-quarter earnings that prompted the company to lower its 2012 financial forecast.
BrightPoint Inc. has laid off an undisclosed number of its local employees and decided not to fill another 120 open positions, the Indianapolis-based company acknowledged Thursday.
Shares of the wireless-device logistics provider fell more than 8 percent Wednesday morning after the company lowered its annual earnings guidance in response to the loss of a major customer.
The Indianapolis-based provider of logistics services to the wireless-phone industry said it earned $48.8 million on revenue of $5.24 billion last year.
Brightpoint sues Miami rival Brightstar twice in one week over its hiring of two former executives of the local wireless-phone distributor.
The Indianapolis-based wireless distributor accuses Mitch Black, who left Brightpoint last year, of taking company trade secrets to a new job with a direct competitor. Brightstar Corp. also is named in the lawsuit.
Cell phone distributor views used market as lucrative.
Increased distribution and demand for smartphones drove Brightpoint Inc.’s third-quarter revenue up 51 percent, to $1.34 billion, the company said after markets closed Thursday.
The 200,000-square-foot center is Brightpoint’s third “reverse logistics” and repair facility. The others are in Puerto Rico and Fort Worth, Texas.
Indianapolis-based Brightpoint Inc. provides worldwide distribution and integrated logistics services to the wireless communications industry.
Mobile-phone distributor Brightpoint Inc. is a wireless industry middleman, constantly trying to strike deals with competing manufacturers and carriers, to gain market share in distributing the world’s high-priced smartphones and tablets.
Second-quarter revenue was $1.23 billion, well ahead of the consensus estimate of $1.09 billion and 57 percent ahead of the same quarter a year earlier.
Some analysts say investors overreacted to the risk Brightpoint would lose T-Mobile as a customer. Merriman Capital's Scott Searle estimates the earnings impact from losing that client would be “dramatically less than investors originally feared” and “is more than adequately reflected in the stock price.”
A London-based hedge fund sued Brightpoint over a $10 million loan it alleged the Indianapolis-based mobile phone distributor fraudulently brokered in anticipation of an acquisition that never materialized.
Brightpoint Inc. will add 100 jobs in Plainfield as it moves its Touchstone Wireless operations from Bristol, Tenn., the company announced late Tuesday afternoon.
