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Avnet Offers to Buy Abacus Group

Avnet, Inc., Phoenix, AZ, has offered to acquire U.K.-based Abacus Group PLC, a distributor of electronics components in 10 European countries, for £42.2 million ($73 million) in cash. In addition, Avnet would assume net debt from Abacus of £62.9 million ($108.8 million). The deal is subject to approval by shareholders of Abacus, and was recommended by the company's board.

Harley Feldberg, president of Avnet's Electronics Marketing group, said: One of Electronics Marketing's key growth strategies has been to expand our interconnect, passive and electromechanical business in all regions. The acquisition of Abacus represents an acceleration of that strategy in EMEA as it will double our IP&E sales and bring value added capabilities to our regional ...

Avnet, Inc., Phoenix, AZ, has offered to acquire U.K.-based Abacus Group PLC, a distributor of electronics components in 10 European countries, for £42.2 million ($73 million) in cash. In addition, Avnet would assume net debt from Abacus of £62.9 million ($108.8 million). The deal is subject to approval by shareholders of Abacus, and was recommended by the company’s board.

Harley Feldberg, president of Avnet’s Electronics Marketing group, said: One of Electronics Marketing’s key growth strategies has been to expand our interconnect, passive and electromechanical business in all regions. The acquisition of Abacus represents an acceleration of that strategy in EMEA as it will double our IP&E sales and bring value added capabilities to our regional portfolio.”

Avnet is a distributor of electronic components, computer products and embedded technology serving customers in more than 70 countries. Revenue for fiscal year 2008 was $17.95 billion.