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Softbank, Ingram Micro in Distribution Deal

October 13, 1998|Bloomberg News

Softbank Corp., Japan's largest distributor of computer software, said it signed an agreement with Ingram Micro Inc. to cooperate in the distribution of computer-related products and services. As part of the agreement, Softbank and Santa Ana-based Ingram will by year-end buy $50 million in shares in each other, Softbank President and founder Masayoshi Son said at a news conference in Tokyo. While the precise ratios would be affected by currency and share price fluctuations, at Monday's valuations the arrangement would mean the two companies hold "about 1%" of each other's shares, Son said. Under the deal, Ingram will become Tokyo-based Softbank's exclusive partner in markets outside Japan where Ingram already has operations, and Softbank will offer Ingram sales service in Japan. Their combined sales target for PC-related products for the first 12 months is $30 billion, double what they say they could achieve independently. Ingram shares rose 88 cents to close at $41.88 on the New York Stock Exchange.

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