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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. ®

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