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Brightstar Close to Deal to Buy UK Based 20:20 Mobile
Published on:
USA based handset distributor, Brightstar is reported to be close to signing a US$320 million deal to buy its UK equivalent, 20:20 Mobile, sources have told Sky News.
The UK firm was part of the telecoms group controlled by John Caudwell who also founded the Phones 4U retail chain - but sold them in 2006.
The handset distribution subsidiary is now owned by a number of private investors including the private equity firm Doughty Hanson and the Royal Bank of Scotland.
20:20 Mobile has operations in 14 countries and currently employs around 1,200 staff. However the company posted a pre-tax loss of £50 million in the year to 31 March 2012, nearly a three fold rise on its losses in the previous year. Net debt at the time stood at just over £70 million.
On the web: Sky News
Tags: [brightstar] [UK]
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