Date: 11/10/2008

Avnet proposes to acquire Abacus Group

Avnet, Inc. said that it plans to acquire Europe based distributor Abacus Group PLC (Abacus), through one of its wholly owned subsidiaries. The transaction, which is subject to the completion of a tender offer and EU merger control clearance, is expected to close early in calendar 2009.

Abacus has a portfolio of 180 supplier franchises covering semiconductor, interconnect, passive and electromechanical (IP&E) devices. In addition to electronic components distribution, Abacus Embedded Systems Group provides specialty distribution of displays, embedded computer and wireless communication products while its Alpha 3 segment offers electromechanical value-added sub-assembly services.

Harley Feldberg, president of Electronics marketing, added, "One of Electronics Marketing's key growth strategies has been to expand our IP&E business in all regions. The acquisition of Abacus represents an acceleration of that strategy in EMEA as it will double our IP&E sales and bring value added capabilities to our regional portfolio. And our global supply chain expertise will expand the value provided to the entire Abacus customer base. By combining the local capabilities and relationships of Abacus with the scale and global scope advantages that Avnet offers, we will enhance the efficiency of the combined operation while providing more value to our trading partners."