Avnet to Acquire Pinnacle Data Systems for $2.40 Per Share

Avnet, Inc. (NYSE: AVT) announced today that it has entered into a definitive agreement to acquire Pinnacle Data Systems in an all-cash merger for $2.40 per share, which equates to an equity value of approximately $22 million as of September 30, 2011. The acquisition has been approved by the Boards of Directors of both companies, and is subject to the approval of PDSi's shareholders, as well as customary closing conditions. The transaction is expected to close in 60 to 90 days.