Friday, August 13, 2010
Avnet Buys Australian VAD
Phoenix-based electronics distributor Avnet is continuing its acquisition roll, saying this morning that it has agreed to acquire all of the outstanding shares of itX Group Limited, an Australian value added distributor. The deal is worth $69.2M in cash. Avnet said the buy complements the firm's expertise in the data center area, and significantly expands its portfolio of solutions. itX has approximately 150 employees, and had revenues of approximately $131.5M in its fiscal year ending June 30, 2009. Avnet said it was advised by Allen & Overy in the deal.