Arrow acquisition approved by Nu Horizons’ shareholders
Stockholders of electronic components distributor Nu Horizons have voted to approve a merger agreement with Arrow Electronics. The all cash transaction is worth approximately $130million and is expected to close in early 2011.
The merger remains subject to certain closing conditions and regulatory approvals, but Nu Horizons' stockholders are set to receive $7 for each share of Nu Horizons common stock they own.
"This acquisition builds on our strategy to expand our global capabilities, especially in the fast growing Asia Pacific region," said Michael Long, pictured, chairman, president, and chief executive officer of Arrow Electronics. "Nu Horizons' strong customer and supplier relationships and talented employees will allow us to continue to enhance shareholder value."
Arrow Electronics said it expects the transaction to add $5 to $10 per share to earnings in the first full year of operations.
