Friday, October 10, 2008

Avnet Looks To Buy UK Distributor

Phoenix-based Avnet said Friday that it plans to acquire Abacus Group PLC, a distributor of electronic components in Europe, for approximately $73M. According to Avnet, it has offered £0.55 per share for Abacus Group, which had $497M in sales for its fiscal year ended September 2007. Abacus distributes electronic components in 10 countries across Europe. Avnet said that the board of directors of Abacus is recommending acceptance of the offer by its shareholders.