Mergers and Acquistions News
Categories: Semi-Conductors
October 16th 2008, 16:29PM
Fortune 500 company Avnet has unveiled plans to purchase UK semiconductor and wireless communications products distributor Abacus Group.
The Arizona firm announced that it intends to make an all cash offer of £0.55 a share for the business, which works out at approximately £42.2 million.
An additional £62.9 million will also be part of the transaction in order to cover Abacus' net debt.
Patrick Zammit, president of the Electronics Marketing EMEA division that Abacus will be joining, claimed he was "very excited" about the takeover.
"Their relationships with a large number of customers will substantially expand our account base while the embedded products group provides an excellent platform to accelerate our current embedded computing initiative," he remarked.
Harley Feldberg, another spokesman, explained that the acquisition is a continuation of Avnet's interconnect, passive and electromechanical business growth strategy.
Last month Avnet was named an honouree for best practices in green IT by IDG Computerworld.
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