Brightpoint Great Britain Ltd. acquired the assets in exchange for 294,000 Pound Sterling (GBP) (approximately 586,000 USD) and the value of inventory at date of closing. In addition, Brightpoint agreed to contingent cash earn out payments based upon certain operating performance measures which may be payable on the 1st, 2nd and 3rd anniversary of closing. The total earn out payments shall in no event exceed 3.6 million Pound Sterling (GBP) (approximately 7.2 million USD).
Hugh Roper and other key former members of Hugh Symons Group Ltd.'s wireless distribution business will join Brightpoint Great Britain Ltd. and will continue to be involved with the management and operation of the business. "The acquisition will strengthen our position in Europe," stated Steen F. Pedersen, President for Brightpoint Europe. "We have been looking for an opportunity to enter the UK market for the past few years. We believe that we have found the right opportunity. Hugh Symons Group Ltd. has been developing the smart phone market in UK, which is an important element of our growth strategy.
Additionally, we want Hugh Roper and his team to further expand the business with other Brightpoint models like the customized logistic services model."
"I believe that the ownership of Brightpoint gives us huge opportunities in UK," stated Hugh Roper, Managing Director and sole-shareholder of Hugh Symons Group Ltd. "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. I am looking forward to develop Brightpoint Great Britain Ltd. into a full-blown value adding distributor and logistic provider."