Kirkland, MoFo Advise as Softbank Sells Phone Services Unit

Kirkland & Ellis and K&L Gates advised Brightstar Capital Partners (BCP) in a deal to acquire, from Japan-based SoftBank Group Corp., a majority stake in Brightstar Corp., a Miami-based distributor of mobile telephones and provider of wireless industry services.

Morrison & Foerster advised SoftBank on the deal, which is expected to close before March 31, 2021. The transaction calls for New York-based BCP to get a 75% stake in the phone distributor company, while SoftBank keeps a 25% share. No other terms were disclosed.

BCP and Brightstar Corporation the phone company have a name and former managers in common.

Former Sprint CEO and Chairman Marcelo Claure, now at SoftBank as chief operating officer, founded the phone distributor Brightstar in 1997. SoftBank bought a majority stake in Brightstar for $1.47 billion in 2014. BCP founder and CEO Andrew Weinberg was previously chief operating officer at Brightstar.

Brightstar provides services including device protection, insurance, supply chain management, and trade in services to customers including wireless carriers, and retail and enterprise customers, in about 50 countries.

Rod Millar, CEO of Brightstar, said the new partnership with BCP “provides us with additional resources and relationships to foster our continued growth and capitalize on the vast market opportunities in mobility and handset protection.”