Monday, November 6, 2006

Avnet Buys Access Distribution For $412.5M

Phoenix, Arizona-based Avnet announced today that it is in a $412.5M cash deal to purchase Access Distribution, a value added distributor of computing products. Avnet is purchasing the business from MRA Systems, which is a subsidiary of General Electric. The sale is expected to close by the end of the year. Access Distribution is a major distributor of computing products from Sun Microsystems, and employes 600 people worldwide. Avnet said it expects sales from Access to be greater than $2B in calendar 2006. Avnet was advised by Banc of America Securities and Gibson, Dunn & Crutcher in the transaction.