Avnet, Inc. to acquire Azzurri Technology Ltd.
Jan 11, 2008
Acquisition strengthens Avnet in major European markets and product lines
Avnet, Inc. (NYSE:AVT) announced that it has entered into a definitive agreement to acquire the UK-based distributor Azzurri Technology Ltd. Azzurri is one of Europe's leading 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 has established a first class reputation for introducing leading technology products into the European electronics market. 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.
Harley Feldberg, president of Avnet Electronics Marketing, commented, "Adding Azzurri's design and engineering expertise to our European team will enhance Avnet Memec's position as the leading pan-European specialist distributor and will benefit both customers and suppliers alike. The acquisition will add new semiconductor suppliers to Avnet Memec's breadth of product offerings in microprocessors, microcontrollers and analog components and expands our presence in Europe's largest markets."