Defense and Aerospace Week
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Electronics Wholesale Companies
Avnet, Inc. Announces Agreement to Acquire Pinnacle Data Systems, Inc.
November 23rd, 2011
Avnet, Inc. (NYSE:AVT) announced that it has entered into a definitive agreement to acquire Pinnacle Data Systems, Inc. ("PDSi") in an all-cash merger for $2.40 per share, which equates to an equity value of approximately $22 million as of September 30, 2011. The acquisition has been approved by the Boards of Directors of both companies, and is subject to the approval of PDSi's shareholders, as well as customary closing conditions. The transaction is expected to close in 60 to 90 days.
Founded in 1989, PDSi is a leading provider of application-specific hardware and global support solutions for the world's largest OEMs. For the calendar year 2010, PDSi generated revenue of...
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Source: Defense and Aerospace Week (2011-11-23)