CellStar gets stockholder nod to sell and dissolve

CellStar Corp. received its shareholders’ approval to complete the sale of its U.S. and Latin American businesses-the distribution of handsets and accessories-to a subsidiary of Brightpoint Inc., a deal that had been announced in December.
The transaction, for about $88 million in cash, is expected to close within several days, according to the company.
Brightpoint expects the acquisition to add about $450 million in revenue this year, and add slightly to earnings in the year following the deal.
CellStar will also sell its Mexico operations to two Mexican companies for between $20 million to $22 million in cash, depending on the company’s performance prior to the transaction’s closing.
CellStar’s business in Chile is not part of these sales and the company said it had entered a non-binding letter of intent with a potential buyer.