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Avnet makes offer to acquire Premier Farnell plc
Avnet, Inc. has reached an agreement with the Board of Directors of Premier Farnell plc on the terms of a recommended offer for Premier Farnell.
The all-cash offer of GBP 1.85 per share represents an equity value of approximately GBP 691 million and a 12.1 percent premium over the previous offer of GBP 1.65 per share by Datwyler Technical Components UK Limited. The transaction is intended to be effected by means of an English court-sanctioned scheme of arrangement and is subject to satisfaction or waiver of several conditions, including the approval of Premier Farnell shareholders and the court, receipt of regulatory approvals in the European Union, United States and Israel, and other customary conditions. “This acquisition will significantly strengthen Avnet’s digital footprint worldwide. The convergence of Premier Farnell’s innovative online services with Avnet’s world class supply chain will create customer service unparalleled in the industry,” said William Amelio, interim Chief Executive Officer of Avnet. “The talented team of people at Premier Farnell will allow Avnet to enhance our customer experience and accelerate our global growth.” “Premier Farnell will bolster our strategy to provide a differentiated digital experience from product ideation through its lifecycle. Premier Farnell’s customers gain access to an extensive suite of supply chain services allowing them to ramp new products to production volumes. Our customers will be able to do more technical research online through the services provided by Premier Farnell,” said Gerry Fay, President of Avnet’s Electronics Marketing, Worldwide “Bringing these two companies together allows us to capture market share earlier in the design process.”
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