Wednesday, October 14, 2009

Avnet Buys Asian IT Provider

Phoenix-based Avnet said today that it has acquired a controlling interest in a provider of IT solutions and services in China, Hong Kong, and Macau. According to Avnet, it acquired a controlling interest in Vanda Group from Hutchinson Whampoa Limited. Financial details of that transaction was not given. Vanda Group provides systems integration and other services, and has over 600 employees, and nine offices spread across China, Hong Kong, and Macau. Avnet said Vanda Group had revenues of approximately $50M in 2008.