Avnet has agreed to acquire itX Group, an Australian distributor for $69.2 million in cash.
itX distributes software, hardware and services from vendors including IBM, Hewlett-Packard, VMware, Apple, Citrix, Red Hat, and Trend Micro. The company generated about $131.5 million in sales for the fiscal year ended June 30 and has about 150 employees and six locations I Australia.
In addition, itX also includes other specialty distribution divisions: Briell Marketing, which carries printers and media for personal identification and security cards, medical and photographic imaging; and Sydmed, a distributor of medical devices; and ICO, which provides IT hosting solutions.
"This acquisition is another step in our strategic expansion in the Asia Pacific region and, in particular, increases our scale and scope in the Australian market," said Phil Gallagher, president of Avnet Technology Solutions, Global, in a statement. "The itX business adds complementary suppliers and business partners, while doubling Avnet Technology Solutions' presence in Australia."
The acquisition is subject to approval of itX shareholders and Australian court approval.
Avnet shares were trading at $24.12, down 29 cents or 1 percent Friday afternoon.
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