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Avnet Inc. (NYSE: AVT), Phoenix, AZ, has agreed to acquire RTI Holdings Ltd., a value-added distributor of wireless, optical, telecom, data communications and industrial components in Hong Kong and the People's Republic of China. Avnet will also acquire three related entities, RTI Technology China Ltd., Eastele Technology China Ltd. and DSP Solutions Ltd. Avnet is ranked No. 1 on MDM's list of top electronics distributors.
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Harley Feldberg, president, Avnet Electronics Marketing, said the combination of RTI's technical expertise with Avnet's scale and scope strengthens Avnet’s position in Asia, and he said the acquisition complements existing product lines.
Headquartered in Hong Kong, RTI serves over 700 customers in China across a range of end markets including telecom and datacom, industrial and digital home applications. The company had sales of $80 million in 2012.
"China remains a high priority and key strategic focus for Avnet Electronics Marketing. The acquisition of RTI not only expands our market coverage in industrial, telecom, optical and datacom but it also strengthens our demand creation resources," said Stephen Wong, president Avnet Electronics Marketing, Asia.
The transaction is expected to close in the next 30 days.