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PDSi to be acquired by Avnet
Pinnacle Data Systems, Inc announced today that it has entered into a definitive agreement to be acquired by Avnet, Inc. in an all cash merger for $2.40 per share, an equity value of approximately $22 million.
The acquisition has been approved by the Boards of Directors of both companies and is subject to the approval of PDSi's shareholders at a special meeting to be called by the Board of Directors of PDSi. The transaction is expected to close in 60 to 90 days.
Steve Church, President, Avnet Integrated Resources, stated, "This acquisition builds on our commitment to expand into adjacent businesses and puts in place a third and critical element in our new after-market services business to benefit industrial customers, consumers and the environment. PDSi's talented employees expand the breadth of our expertise in this rapidly growing industry. With 22 years of experience in repair, refurbishment, recycling and responsible disposition of IT products, PDSi joinsAvnet's two other lifecycle management operations that specialize in cable TV equipment repair and cell phone repair, in serving the electronics reverse logistics industry."
