Corporate Report: July 20

Tech Data buying out European joint venture
Clearwater IT distributor Tech Data Corp. reached an agreement to acquire Brightstar Corp.'s 50% ownership interest in Brightstar Europe Limited. Tech Data and Brightstar formed the European mobile technology distributor and supplier in 2007.

The deal calls for Tech Data to pay Brightstar $165.6 million in cash and repay all of the loans advanced by Brightstar to the joint venture. The agreement is scheduled to close in Tech Data's third quarter of fiscal year 2013.

Tech Data expects to fund the acquisition with available cash.