Avnet's acquisition of Abacus Group finalised

All shareholders of Abacus will receive £0.55 per share, which equates to an equity value of approximately £42.2 million ($61.0 million) and a transaction value of £97.9 million ($141.6 million) assuming a net debt position for Abacus of £55.7 million ($80.6 million) as of September 30, 2008. The purchase price has declined approximately 20% as a result of the strengthening of the US dollar versus the British pound since the transaction was initially announced on October 10, 2008. Harley Feldberg, global president of Avnet Electronics Marketing commented, "The acquisition of Abacus represents an excellent strategic fit to our current business as their focus on strong technical support delivered to a diverse base of small to mid-size customers should create significant cross-selling opportunities for us. It doubles our IP&E business across the region, significantly improves our market position in the UK and establishes Avnet as a leading distributor of embedded solutions and displays throughout Europe." Patrick Zammit, president of Avnet Electronics Marketing EMEA, added, "As we develop our integration plan we are impressed with the caliber of Abacus' organization and are excited about potential growth opportunities once the integration is complete. We will enhance our competitive position across the region and become an industry leader not just in semiconductors but also in IP&E, displays and embedded solutions. Our combined customer base will ensure that we are present in all market and customer segments, and at all integration levels of the electronic supply chain." Banc of America Securities Limited acted as exclusive financial advisor and Allen & Overy LLP acted as legal counsel to Avnet in connection with this transaction.