Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Brightpoint Jumps on FreedomPop Distribution Deal

June 28 (Bloomberg) -- Brightpoint Inc., a distributor of mobile devices for phone companies, rose the most in more than 16 months after announcing a servicing agreement with discount wireless-provider FreedomPop.

Brightpoint advanced 7.4 percent to $5.63 at 12:56 p.m. in New York, after earlier jumping 18 percent for the biggest intraday gain since February 3, 2011. Shares of the Indianapolis-based company had declined 51 percent this year through yesterday.

The agreement lets Brightpoint handle inventory management, logistic services and transportation management for closely held FreedomPop, the companies said in a statement today. Financial terms weren’t disclosed.

FreedomPop, which is funded by Skype Technologies SA founder Niklas Zennstrom, has said it plans to offer consumers as much as 1 gigabyte of free wireless data connections this year through a wholesale agreement with Clearwire Corp.

CELL US <Equity> CN

NI CAB NI MED NI TVNEWS NI INTERNET NI TEL NI TLS NI WRLS NI TX NI US NI COS NI NET

To contact the reporter on this story: Scott Moritz in New York at smoritz6@bloomberg.net

To contact the editor responsible for this story: Nick Turner at nturner7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.