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Redington Turkish arm concludes final consideration at USD 29 mn for acquisition of 100% shares of Brightstar; Stock up 2%

The transaction concluded by Arena is expected to be completed latest by November 30, 2021.

November 23, 2021 3:07 IST | India Infoline News Service
Redington India Limited step-down subsidiary Arena Bilgisayar Sanayi Ve Ticaret A.S. (Arena), Turkey has concluded final consideration at USD 29 Million for acquisition of 100% shares of Brightstar Telekomünikasyon Dağıtım Ltd. Şti. (Brightstar).

“The transaction is expected to be completed latest by November 30, 2021. The acquisition by Arena is subject to receiving necessary regulatory approvals including from the Competition Board, as also fulfillment of certain mutually agreed conditions,” the company said in a filing on Monday.

Brightstar Turkey’s operations primarily consist of value-added distribution of leading brands of smartphones, devices, consumer electronics and accessories to telecom operator(s).

In the last half hour of trade on Tuesday, Redington India Ltd was trading at Rs144.35 per piece up by Rs2.95 or 2.09% from its previous closing of Rs141.40 per piece on the BSE.

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