Avnet Sells Technology Solutions Unit For $2.6 Billion

Phoenix-based technology distributor Avnet announced today that it has sold off its Technology Solutions operating group, to Tech Data Corporation, in a $2.6 billino deal. According to Avnet, it will receive $2.4 billion in cash and 2.8 million shares of Tech Data common stock in the deal. The stock portion of the deal is worth approximately $200M. Avnet said the sale will help both companies focus on their "core strategies" and scale their businesses.