"Our combined resources will allow us to leverage the capabilities and best practices from both companies in order to offer advanced wireless services to our customers and business partners in the many attractive markets around the world in which we operate," stated Michael Koehn Milland, Chief Operating Officer of Dangaard Telecom.
"We believe that the combined group will have the best in class platform to deliver the most innovative, efficient and effective solutions to global wireless handset manufacturers, network operators and retailers. The proposed transaction is extremely compelling and we believe that the combined company will enjoy substantial synergies and unique growth prospects," stated Christian Dyvig, Partner, Nordic Capital.
Key points of the deal:
- Creates global wireless leader with an unparalleled platform to provide the most complete, efficient, and innovative solutions for original equipment manufacturers, network operators and retailers
- Combined company will have a strong financial base with 2006 estimated pro forma revenues of $4.6 billion and operating income of $106 million
- Aggregate wireless devices handled in 2006 of more than 64 million
- Combined entity will have more than 3,100 employees and over 25,000 customers in 25 countries
- The transaction is expected to be accretive to Brightpoint’s earnings, prior to synergies, within the second full quarter following completion. Combined entity is targeting annual pre-tax cost savings of $8-10 million
- Plainfield, Indiana will be the corporate headquarters of the combined company and Padborg, Denmark, the European Headquarters of Dangaard Telecom, will be the European headquarters of the combined company
- Brightpoint to issue 30 million shares of Brightpoint, Inc. common stock to Dangaard Holding A/S in exchange for all of the shares of Dangaard Telecom A/S
- Transaction expected to be completed in June or July of 2007
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