Supply-chain-services provider Ingram Micro Inc. (IM) agreed to acquire wireless-equipment provider Brightpoint Inc. (CELL) for roughly $622 million as it looks to expand in the mobility market.
Ingram will pay $9 a share, a 66% premium to Brightpoint's Friday close. Brightpoint shares surged 61% to $8.72 premarket.
Brightpoint, which provides life-cycle services to wireless devices, had 69.1 million shares outstanding as of April 23.
Ingram Micro, which expects to close the deal in the third quarter, said buying BrightPoint will create "a leading global provider of device lifecycle services and solutions for the mobility industry."
Ingram Micro said it will realize annual cost synergies and efficiencies of more than $55 million by 2014, and expects the deal to add at least 18 cents to adjusted per-share earnings in 2013 and 35 cents in 2014.
Separately, Brightpoint withdrew its full-year earnings guidance and forecast a second-quarter loss from continuing operations of two cents a share on revenue between $1.25 billion and $1.35 billion. Analysts surveyed by Thomson Reuters were expecting per-share earnings of 22 cents on $1.41 billion in revenue.
Ingram Micro's shares closed Friday at $17.47 and were inactive premarket. The stock is down 6% in the last three months.
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