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Avnet Inc. (NYSE: AVT), Phoenix, AZ, has agreed to sell its technology solutions operating group to Tech Data Corp. in a stock and cash transaction valued at $2.6 billion.
Under the terms of the agreement, Avnet will receive $2.4 billion in cash and 2.8 million shares of Tech Data common stock, currently valued at $200 million.
Avnet’s technology solutions operating group is a global IT solutions distributor serving customers and suppliers in more than 80 countries.
“We believe the acquisition of Technology Solutions by Tech Data is the best decision for our employees, customers, suppliers and shareholders,” said William Amelio, CEO of Avnet. "Moving forward, Avnet will focus its resources and investments on becoming a leader in design chain and supply chain services not only for our current customers and suppliers, but also for new markets. We will drive targeted investments in embedded solutions, Internet of Things (IOT) and critical digital platforms."
Additionally, Avnet and Tech Data intend to partner on delivering IOT end-to-end solutions to the market.