Avnet Announces Agreement to Acquire the Magirus Group; Expected To Be Immediately Accretive
Avnet, Inc. (NYSE: AVT) announced today that it has agreed to acquire the Magirus Group (Magirus), a leading pan-European distributor of data center solutions and services. Magirus is a leading value-add distributor of software, systems and related services encompassing virtualization, storage management, cloud computing, security, intelligent networks and information life-cycle management services. Through its professional services portfolio and knowledge of the IT sector, Magirus enables business partners to take new technologies to market in eleven markets throughout Europe and the Middle East. The transaction, which is subject to normal regulatory approvals, is expected to close in October 2012.
This acquisition is expected to be immediately accretive to earnings and achieve Avnet's return on capital goal of 12.5% within two years.
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