Avnet to buy computer component distributor Bell Microproducts for $252 million
By APMonday, March 29, 2010
Avnet to buy Bell Microproducts for $252 million
PHOENIX — Avnet Inc., an electronics components distributor, said Monday it has agreed to pay $252 million in cash for Bell Microproducts Inc.
Avnet said the deal will expand its presence in both the storage market and in Latin America, where Bell draws about 17 percent of its revenue.
The offer of $7 per share represents a 30 percent premium over Bell’s closing share price Friday of $5.38. The offer has been approved by both companies’ boards.
Bell, based in San Jose, Calif., distributes data storage and other computer products. It has about $3 billion in annual sales and 1,900 employees.
Avnet is also taking on debt of about $342 million as part of the deal, which it expects to close in two to four months.
