4/29/2008 5:40:00 PM
Brightpoint seals deal for Hugh Symons Telecom
Brightpoint’s £3.6m acquisition of Hugh Symons Telecom was finalised today.
The deal, which will give the world’s second biggest distributor a presence in the UK market, will see Hugh Symons Telecom (HST) re-branded as Brightpoint Great Britain Ltd.
The US distributor paid £294,000 for stock, and it will also make performance related payments to a total amount of £3.6 million over the next three years.
HST boss Hugh Roper said: ‘I believe that the ownership of Brightpoint gives us huge opportunities in UK.
‘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.
Roper added: ‘I am looking forward to developing Brightpoint Great Britain into a full-blown value adding distributor and logistic provider.’
According to figures released by Brightpoint it handled approximately 83 million wireless devices globally and generated net income of £24 million last year.