Manufacturing Industry
Avnet to acquire Memec in stock and cash deal.(Memec Group)
Purchasing, May, 2005
Avnet says it will strengthen its position as a global electronics distributor with its planned acquisition of Memec. Avnet announced it will acquire Memec in a stock and cash deal valued at $676 million.
Under the terms of the agreement, Memec investors will receive a total of more than 24 million shares of Avnet common stock plus approximately $64 million in cash.
The transaction is expected to generate annual synergies of approximately $130 million from cost savings including $10 million from reduced interest expense.
The closing of the transaction, which is subject to customary regulatory approvals, is anticipated in 60 to 90 days.
Memec is a leading global distributor specializing in semiconductors. It generated...
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