Avnet Acquires Pinnacle Data Systems

Phoenix-based electronics distributor Avnet said Thursday that it is in a definitive agreement to acquire Pinnacle Data Systems, a provider of application specific hardware and support to OEMs. Avnet said it will pay approximately $22M, or $2.40 per share, for Pinnacle Data Systems. Avnet said Pinnacle had revenues of approximately $29M for 2010. Pinnacle Data Systems becomes part of Avnet's Integrated Resource arm, which provides reverse logistics and after market services to OEMs.