Morrison & Foerster is advising SoftBank Group Corp. ("SoftBank") in its sale of a majority stake in Brightstar Corp. (“Brightstar”), a subsidiary of SoftBank and the global leader of end-to-end device lifecycle solutions for carriers, retailers, and enterprise, managing mobile devices, to Brightstar Capital Partners ("BCP"), a private equity firm focused on partnering with founders, entrepreneurs, and management team.
Headquartered in Miami, Florida, Brightstar is at the heart of the wireless ecosystem, serving carrier, retail, and enterprise customers across approximately 50 countries. It operates at every stage of the device lifecycle, providing integrated services, including device protection insurance, supply chain management, and trade in services.
The transaction was announced on September 18, 2020 and is subject to customary closing conditions. In connection with the transaction, BCP will own a 75% stake, on a fully diluted basis, in a newly formed subsidiary of BCP, which will hold all shares of Brightstar's parent company, Brightstar Global Group Inc. SoftBank will receive cash proceeds and a 25% stake in the newly formed subsidiary.
MoFo previously advised SoftBank in its acquisition of Brightstar in 2013.
The MoFo deal team advising SoftBank in the transaction is led by Miami-based Latin America Desk co-chair Randy Bullard, and corporate partners Juan Delgado and Alexandra Aguirre, together with corporate associates Julia Danforth, Roberto Rodriguez, and Ludovica Gardani. Additional support was provided by New York corporate associate Wendy Chu, San Francisco finance partner Dario Avram, and Washington D.C. antitrust partner Vishal Mehta.
Read more about the transaction in the companies’ press release.