Avnet acquires Abacus
UK electronic component distributor Abacus Group has agreed to the terms of a cash offer from Avnet, putting its value to approximately £42.2million.
With shares now valued at 55p each, this has more than doubled the previous night’s closing price of 25.5p. Avnet’s chief executive officer Roy Vallee, explained: “The acquisition of Abacus represents an excellent addition to Avnet’s Electronics Marketing group in Europe. With a respected team of associates and complementary customers and suppliers, Abacus provides additional sources of growth in the region. Avnet’ s financial strength and focus on value based management affords it the opportunity to acquire companies like Abacus despite current market conditions.”
