SoftBank, the acquisitive Japanese telecoms group, has added to its growing stable of U.S. businesses by agreeing to pay $1.26bn for a majority stake in Brightstar, a New York-based distributor of mobile phones.
SoftBank's purchase of the privately held company, announced on Friday, follows its $21.6bn acquisition of Sprint earlier this year.
The Japanese group and its billionaire founder, Masayoshi Son, are looking to win over U.S. mobile customers by applying the same aggressive pricing strategy that has worked for the group in Japan. Brightstar could further that aim by giving it greater scale as a hardware buyer and, with that, more power to negotiate with manufacturers.
"By making Brightstar a subsidiary, SoftBank aims to strengthen its purchasing scale for mobile devices and further increase competitiveness both in Japan and the U.S.," SoftBank said in a statement.
Under the terms of the deal, SoftBank will take a 57 per cent interest in Brightstar before increasing its control to 70 per cent over the next five years.
Marcelo Claure, Brightstar's founder and chief executive, will retain 43 per cent ownership in the company at first, but his stake will decline as SoftBank's increases.
(Read more: Japan's Softbank cleared to buy Sprint Nextel)