SANTA ANA, Calif. (AP) — Technology products distributor Ingram Micro Inc. is buying mobile services provider BrightPoint for about $650 million in cash, which will broaden its geographic reach and increase its customer base.

Under the deal announced Monday, Ingram Micro will pay $9 for each share of BrightPoint Inc. That is a 66 percent premium to the Indianapolis company's Friday closing price of $5.41.

Shares of BrightPoint soared $3.48, or 64.3 percent, to $8.89 in premarket trading.

Ingram Micro said it will also assume about $190 million of BrightPoint debt in the deal.

"BrightPoint's offerings are highly complementary to both our logistics and distribution businesses," Ingram Micro President and CEO Alain Monie said in a statement.

The Santa Ana, Calif., company expects to fund the buyout with existing credit facilities and cash on hand.

Ingram Micro said that the transaction is expected to add at least 18 cents per share to its earnings next year and 35 cents per share to its 2014 earnings. This excludes one-time charges and acquisition-related costs.

The deal is expected to result in annual cost savings of more than $55 million by 2014.

The buyout is targeted to close before year's end. It needs approval from regulators and from a majority of BrightPoint's outstanding stock. BrightPoint will conduct a special meeting in the third quarter for shareholders to vote on the transaction.

BrightPoint had fiscal 2011 revenue of $5.2 billion. It runs facilities in 24 countries and has about 4,000 employees.