Avnet to Acquire European Distributor

Avnet Inc., a distributor of electronic components and computer products, revealed Wednesday that it plans to acquire Magirus Group's European distribution network. Terms of the proposed deal were not disclosed, but Avnet said the transaction should be complete—pending regulatory approval—by October. Banc of America Securities LLC served as Avnet's financial advisor, and Allen & Overy LLP acted as legal counsel. Avnet said the transaction covers the distribution of servers, storage systems, software and services of IBM and Hewlett-Packard to resellers in seven European countries, plus Dubai. Avnet said it would combine Magirus’ European Enterprise Infrastructure Division with the European operations of Avnet Technology Solutions, Avnet's IT distribution group. Avnet is headquartered in Phoenix and is a distributor of electronics and related products.