Avnet completes acquisition of Premier Farnell

The acquisition was approved by Premier Farnell shareholders representing 99.9% of the votes cast and has received all regulatory approvals. The transaction is expected to be immediately accretive to earnings and, once the integration is complete, expects to generate annual synergies of approximately USD 70 million to USD 80 million. “The combination of Premier Farnell with Avnet’s components business will create a truly unique distribution model that supports customers at every stage of the product lifecycle. By pairing our deep expertise in large volume broadline distribution with Premier Farnell’s specialization in proof of concept and design, we can offer true end-to-end solutions that accelerate a customer’s time-to-market and moves their products seamlessly from prototype through to volume production,” said William Amelio, Chief Executive Officer of Avnet. William Amelio add that the ability to reach a wider base of engineers earlier in the design process will be critical to our future growth and success.