(UNDATED) - Indianapolis-based BrightPoint is selling out to a bigger rival.
Technology distributor Ingram Micro of Santa Ana, California will pay about $650-million in cash for BrightPoint. BrightPoint distributes cell phones and other wireless devices to places around the world.
Ingram Micro will inherit BrightPoint's $190-million debt. Fortune 500 ranks BrightPoint 463rd. The company which was founded in 1989 is one of six Indiana-based businesses on Fortune's list.
BrightPoint reported $5.2-billion dollars in sales in 2011 with about 4,000 employees at factories located in 24 countries.
The buyout requires approval from a majority of BrightPoint shareholders.
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