DOW JONES NEWSWIRES
Gadget distribution company Brightstar Corp. planned to sell up to an estimated $300 million of common stock in an initial public offering, according to a filing with a Securities and Exchange Commission.
Brightstar handles multiple aspects of getting wireless devices in the hands of consumers for companies including Apple Inc. (AAPL), Research In Motion Ltd. (RIMM, RIM.T), AT&T Inc. (T) and Best Buy Co. Inc. (BBY) It provides such services as device delivery, order management, device activation, billing, and light manufacturing and assembly.
With the proceeds it plans to pay accrued dividends on redeemable convertible preferred stock.
Chairman and Chief Executive R. Marcelo Claure will also sell an undisclosed amount of shares, as will the company's sponsor Lindsay Goldberg LLC.
It has proposed listing on the Nasdaq under the symbol STAR.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@ dowjones.com
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