Azzurri is one of Europe's design--in distributors of high technology semiconductors and embedded systems products. The closing of the transaction is subject to customary regulatory approval and other closing conditions. Upon closing, Azzurri will be integrated into Avnet Electronics Marketing EMEA primarily within the Avnet Memec specialist division.

Azzurri has been in business for more than ten years and has operations in the UK, Germany, France and Italy. Its annual revenue is approximately US$100 million and it employs about 80 people. Azzurri is focused on a small number of franchised suppliers with the prime objective of assisting customers with the design-in of complex semiconductors and sub-system level solutions.

With the addition of Azzurri, Avnet Memec will increase its revenue base over 40%. The combined organization's strength in engineering will be complemented by Avnet's supply chain management and logistics capabilities. The transaction is expected to be immediately accretive to earnings, excluding minimal integration charges, and supports Avnet's long-term return on capital goals.

The two organizations share the same market approach, have complementary line cards and put design and engineering expertise at the core of their value proposition for customers and suppliers.