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UK distributor Abacus has been acquired by Avnet in a deal worth £42.2 million, sending shares in the Newbury-based firm up 92 per cent.
The deal comes as Avnet revealed plans to bolster its European presence, adding a distribution network of 39 offices and five warehouses across ten countries.
"With a respected management team, talented associates and a substantial number of new customers, Abacus provides Avnet with exciting growth opportunities in the region," said Avnet’s chief executive Roy Vallee.
The acquisition of Abacus is the sixth purchase this year for Avnet.
Source: Bloomberg
