BRIGHTPOINT's subsidiary, Brightpoint International (Malaysia), has signed an agreement with STC Partners to set up a joint venture in Malaysia and purchase certain assets of STC.

    The Brightpoint Malaysia joint venture will be responsible for providing wireless device distribution and logistics services to manufacturers, operators and retailers in the south east Asian nation. Brightpoint will hold a 60 per cent stake in the joint venture and STC the remaining 40 per cent, reports the UK's Transport Intelligence.

    It said that in exchange for the assets of the Malaysian wireless business of STC, Brightpoint Malaysia will pay MYR18.9 million (US$6.1 million) to STC and transfer 40 per cent ownership of Brightpoint Malaysia to STC. Brightpoint Malaysia has also agreed to purchase the fixed assets and inventory held by STC.

    The report said that Brightpoint Malaysia has agreed to pay to STC contingent cash earn-out payments, subject to the achievement of certain operating performance measures, which may be payable after the anniversary of closing through each of the first five operational years. The aggregate earn-out payments shall in no event exceed MYR35.1 million, and the amount paid for STC's fixed assets and inventory is not expected to exceed MYR15 million.

    "We are excited to partner with STC and extend Brightpoint's presence in Asia Pacific to the Malaysian market," said Bruce Thomlinson, Brightpoint's president, Asia Pacific. "STC is an ideal strategic partner and we believe that this transaction will allow us to extend our in-country capabilities along with relationships with leading manufacturers and operators and further leverage our capacity and ability to offer cost effective solutions in Malaysia."

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