Brightstar Corporation has agreed to sell its 50% share of mobile communications distributor Brightstar Europe Limited to Tech Data Corporation. The two companies, which both operate international distribution businesses, formed the joint venture in 2007.

Tech Data will pay Brightstar around $165.6 million (£107.3 million) for the deal, which is subject to regulatory approval. Brightstar Europe’s handset protection & insurance and buy-back & trade-in customers will be transferred to Brightstar as part of the agreement.

R Marcelo Claure, Brightstar’s Chairman and CEO, said “Tech Data has been a great partner, and in just five years, we have jointly grown BEL from a startup to a leader in the European mobility distribution industry. We are now looking forward to operating in Europe under a Brightstar Corp fully-owned subsidiary and making our broad suite of services, including distribution, available to customers across Europe.”

Robert M Dutkowsky, the CEO of Tech Data, said “Our European mobility business is a key element in our strategy of diversifying into higher-growth, higher-return specialty areas. What began as a greenfield operation with Brightstar in 2007, is now a well-established, European mobility market leader with sales of approximately $1.8 billion in our last fiscal year. We are grateful to Brightstar for its partnership and expertise throughout the last five years, but believe that full ownership of our European mobility business is in the long-term best interest of our shareholders. We anticipate working with Brightstar on specific European opportunities in the future and remain committed to our TDMobility joint venture with them in the U.S.”