Avnet Inc. has completed its acquisition of Premier Farnell plc in an all-cash merger for £1.85 ($2.26 USD) per share, which equates to an equity value of approximately £691 million ($842.5 million USD).
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 $70 million to $80 million, according to an Avnet statement.
Headquartered in Leeds, UK, Premier Farnell is a global distributor of electronic components that utilizes a digital platform to provide innovators and engineers with the latest products, services, and development software. Avnet is a business-to-business technology distributor headquartered in Phoenix, Ariz.