The Channel logo

News

By | Kelly Fiveash 18th April 2008 11:58

Avnet sees blue skies with Horizon buy

Irish reseller falls into line

Irish reseller Horizon Technology has agreed a recommended cash offer from IT distie Avnet, valuing the firm at €101.3m.

The proposed merger follows months of buy-out speculation. In March, Horizon admitted it was in talks with a possible buyer.

Horizon offers a bit of everything to the channel set from hardware and software to services.

The €1.18 per share offer represents a 153.8 per cent premium on the closing price of €0.465 per share on 12 March, the day before Horizon announced it had received a preliminary bid approach.

Company chairman Samir Naji said the offer, which is conditional on EU merger control clearance, represents a tasty premium for Horizon’s shareholders.

Avnet chairman and CEO Roy Vallee said: "The acquisition of Horizon will strengthen Avnet Technology Solutions' position in the UK IT distribution market and expand its geographic coverage into Ireland.

"Horizon's position with tier 1 vendors and growing services practice offers an opportunity to bolster Avnet's current product and services offerings in Europe."

Horizon shares are currently trading up more than two per cent at 89 pence on the London Stock Exchange. ®

alert Send corrections

Opinion

Chris Mellor

Drives nails forged with Red Hat iron into VCE's coffin
Sleep Cycle iOS app screenshot

Trevor Pott

Forget big-spending globo biz: it's about the consumer... and he's desperate for a nap
Steve Bennet, ex-Symantec CEO

Chris Mellor

Enormo security firm needs to get serious about acquisitions

Features

Windows 8.1 Update  Storeapps Taskbar
Chinese Buffet self-service
Chopping down the phone tree to scrump low-hanging fruit
An original member of the System/360 family announced in 1964, the Model 50 was the most powerful unit in the medium price range.
Big Blue's big $5bn bet adjusted, modified, reduced, back for more
Microsoft CEO Satya Nadella
Redmond needs to discover the mathematics of trust