Avnet Buys Bell Microproducts

Phoenix-based Avnet announced this morning that it is acquiring Bell Microproducts, in a deal worth approximately $594M. According to Avnet, it will pay $7.00 per share in cash for Bell Microproducts, with an equity value of approximately $252M after accounting for net debt at Bell. The merger would join together two of the largest global electronics distributors. Bell Microproducts had approximately $3.0 billion in sales in calendar year 2009, and employs over 1900. Avnet was advised by BofA Merrill Lynch; Squire, Sanders & Dempsey LLP; and Allen & Overy LLP in the deal.