Avnet to buy Irish IT products distributor
Industrial Distribution staff -- Industrial Distribution, 4/21/2008 7:43:00 AM
Avnet Inc. plans to acquire Horizon Technology Group plc, an Irish information technology products distributor, for $149.6 million.The Phoenix-based electronic components and computer products distributor said it will pay $1.87 per share for the Dublin, Ireland based company, “which equates to an equity value of approximately … $156.1 million,” Avnet said in a statement, adding that the transaction is valued at $149.6 million.
The deal, expected to close by the end of June, expands Avnet’s footprint in the enterprise server, storage, networking and security products market in Great Britain and Ireland and brings Horizon’s client solutions business unit under the Avnet umbrella. Horizon, which posted sales of roughly $395 million last year, will be integrated into Avnet’s European Technology Solutions business.
“Horizon’s leading position with Tier 1 vendors and growing services practices offer an opportunity to bolster Avnet’s current product and services offerings in Europe. This acquisition creates exciting cross-selling opportunities and adds scale to our TS business in the region. We are also very excited about the management and talented team of people at Horizon that should allow Avnet to accelerate the growth of Technology Solutions in Europe,” chairman and CEO Roy Vallee said.
Avnet said it has already received “irrevocable commitments” for 61.35 percent of Horizon’s shares.
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