Brightstar's anticipated acquisition of 20:20 Mobile has finally been completed today after months of speculation.
The takeover will see the American firm gain leverage in the European market, with 20:20's facilities in the UK, Spain, Hungary, Portugal, Denmark, Finland, Norway and Sweden all being acquired. 20:20 had a portfolio of over 3,500 customers across the continent, with an annual turnover of nearly £1 billion. The company will now be renamed Brightstar 20:20.
Earlier this week former Tech Data Mobile MD Jim Michel joined Brightstar and will now head up Brightstar 20:20 as managing director. German Lopez, managing director of 20:20 in Spain and Portugal will now becomed European president, while MD of Nordics, Fredrik Rudberg, will continue in his role. The acquisition is expected to be completed in Q1 2014, subject to condition.
Brightstar's president and CEO, Marcelo Claure, said: 'With the strategic acquisition of 20:20 Mobile, Brightstar has a strong position in the European market, one of the most exciting and progressive markets in the world. Bringing the team of 20:20 Mobile into the Brightstar family will allow us to deliver some of the top innovations and services developed for mobility to the operators, retailers and manufacturers that are leading the wireless industry in Europe.’