SoftBank Snags $1.26 Billion Stake in Brightstar

Japan’s SoftBank said that it is investing $1.26 billion to take a majority stake in wireless distributor Brightstar as part of an effort to centralize purchasing for Sprint and SoftBank’s other wireless units and affiliates. The deal, expected to close later in 2013, values Brightstar at $2.2 billion. SoftBank will own approximately 57 percent of the company, while Brightstar founder and CEO Marcelo Claure will own approximately 43 percent of Brightstar shares. Over the next five years, SoftBank’s ownership will grow to 70 percent, the companies said.