Tuesday, January 20, 2009

Avnet Gains U.K.-Based Abacus Group for $141.6M

Phoenix-based electronics distributor Avnet Inc. announced Tuesday that it has acquired Abacus Group PLC, a distributor of electronic components and embedded systems located in the United Kingdom. According to Avnet, the final purchase price calculates to $141.6 million, a decrease of some 20 percent from the offer originally reported on Oct. 10. The disparity, Avnet said, was the result of the strengthening U.S. dollar versus the British pound. Harley Feldberg, global president of Avnet’s Electronics Marketing arm, said the acquisition will double his firm’s semiconductor, interconnect and electromechanical products business throughout the 10 European countries Abacus serves.