Avnet completes Horizon acquisition

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Avnet completes Horizon acquisition

Microscope contributor

Avnet has been given the green light to complete the acquisition of UK and Ireland distributor come integrator Horizon Technology Group for 1.18 Euros per share amounting to a total of 98m Euros (£77.4m).

The deal, first revealed by Microscope earlier this year, will see Horizon folded into the Avnet Technology Solutions (ATS) business.

In a statement, John Paget, global president of ATS said the acquisition strengthened its competitive edge in the UK distribution market by expanding its portfolio in segments including storage, networking and security.

Horizon has a host of major vendors in its portfolio including Sun, EMC, IBM, Juniper, Nortel and Oracle and in 2007 achieved revenues of £227m and earning before interest, taxes, depreciation and amortisation (EBITDA) of £7.9m.

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