Friday, December 19, 2008

Avnet Buys Into IT Distribution In Turkey

Phoenix-based electronics distributor Avnet is buying into an IT distribution business in the country of Turkey, the firm announced Friday, saying it will acquire 50.01 percent interest in a new joint venture with Sanko Holding Group in the country. Avnet said the new venture will be one of the largest IT distributors in Turkey, and will be known as Avnet Technology Solutions Sanayi ve Ticaret A.S. Financial terms of the investment was not disclosed, however Avnet said that Akora had revenues of approximately $127M in calendar 2007. The new joint venture will be a part of Avnet Technology Solutions Europe, Middle East and Africa (EMEA).