TOKYO (dpa-AFX) - Japan's SoftBank Group Corp. (SFTBY.PK, SFTBF.PK) announced that on Thursday it has entered into a definitive agreement to sell all of its shares in unit Brightstar Global Group Inc. or BGG to Brightstar Capital Partners or BCP, a U.S.-based private equity firm. The sale price is not disclosed due to confidentiality.
SoftBank will sell the stake in BGG, the sole parent company of Brightstar Corp., a provider of end-to-end device lifecycle solutions, to a newly formed subsidiary of BCP. SoftBank acquired Brightstar in January 2014.
The consideration consists of cash proceeds and a 25% stake in the newly formed subsidiary of BCP, which will hold all of BGG shares.
The deal, subject to regulatory approvals and other customary closing conditions, is expected to close before the end of SoftBank's fiscal year ending March 31, 2021.
Upon the deal completion, BGG and Brightstar will cease to be subsidiaries of SoftBank and will no longer be consolidated into its financial results.
Copyright RTT News/dpa-AFX
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