In a stock and cash transaction valued at approximately $676 million, component distributor
Avnetis to buy semiconductor distributor Memec in a stock and cash transaction valued at approximately $676 million, including the assumption of approximately $194 million of Memec's net debt.
Under the terms of the agreement between the two, Memec investors will receive a total of approximately 24.011 million shares of Avnet common stock plus approximately $64 million of cash.
Memec, a global distributor specialising in semiconductors, generated revenue of approximately $2.3 billion in 2004.
The privately-held company, which employs 2,400 people, will be integrated into Avnet's Electronics Marketing Group, which will have operations in 69 countries and anticipated annual sales of over $8.5 billion after the acquisition.
Memec, with operations in 33 countries and 130 cities, is one of the largest semiconductor distributors. In 2004, it grew its total revenue by approximately 27%, with the Americas accounting for 44%, followed by the Asia region, including Japan, at 31% and Europe, Middle East and Africa at 25%.
The closing of the transaction, which is subject to customary regulatory approvals, is anticipated in 60 to 90 days.
First seven members join NG’s Great Grid Partnership
Agreed. It is all pretentious posturing and trite branding with no meaning or gravitas. Prepare to be disappointed by all of these greats/grates.