CellStar Completes Sale of Local Assets

Miami-based telecoms equipment and value added services provider CellStar has completed the sale of its Mexican operations for US$20mn, the company said in a statement.

The company has dissolved its subsidiary Celex, selling the assets to two Mexican companies: handset distribution firm Soluciones Inalámbricas (SI) and human resources solutions company Prestadora de Servicios en Administración y Recursos Humanos.

In Mexico, Celex had worked previously with SI in providing services for mobile operator Telcel, owned by América Móvil.

CellStar announced it was selling most of its Latin American assets in December last year.

The company completed the sale of most of its other Latin American assets to US wireless communications services provider Brightpoint at the beginning of this month. Brightpoint's original estimated purchase price was US$88mn, but this was reduced to US$62.4mn based upon a preliminary estimate of net asset adjustments.

The assets sold were operations in Guatemala, Costa Rica, Nicaragua, Panama, Uruguay, Honduras, El Salvador, Colombia, Venezuela, Ecuador, Peru, Argentina, and the Caribbean.

Assets in Mexico and Chile were not included in the Brightpoint sale. The company has not said what it will do with the Chile assets."

Posted to the site on 17th April 2007