Avnet said the offer by its wholly-owned subsidiary, Avnet (Holdings) Limited, to buy Horizon Technology Group, has received European Union approval and has received the approval of at least 90 percent of shareholders, all but assuring the imminent completion of the deal.
Avnet in April first said it intended to acquire Dublin, Ireland-based Horizon for about $156 million.
Horizon's distribution business includes enterprise server, storage, networking, and security products from vendors such as Sun Microsystems, EMC, F5 Networks, Juniper, IBM, and Nortel. Its client solutions business unit partners with such software vendors as BMC and SAP to provide development and implementation services.
The Horizon acquisition is only the latest chapter of Avnet's international expansion plans, said John Paget, global president of Avnet Technology Solutions.
"It's given us a great opportunity for cross-selling, and a great group of resellers to help carry our products," Paget said. "We have a pipeline of acquisitions now. The Asian market is growing faster than other marketplaces in IT. We'll keep our focus there over the next 12 to 18 months."
The company in May said it agreed to acquire Ontrack Solutions of India, a $13 million Mumbai-based systems integrator. That acquisition is expected to close this month.
Late last year, Avnet acquired U.K.-based technology distributor Acal's IT Solutions division, a value-added distributor of storage, networking, and security products and solutions, and its Headway Technology Group, which specializes in document imaging solutions, for $83 million in cash.
Other recent international acquisitions by Avnet include Azure, a Singapore-based distributor with an IBM focus; ChannelWorks, a provider of security and networking products in Australia; and the European Enterprise Infrastructure Division of value-added distributor Magirus Group, which covers the servers, storage systems, software and services of IBM and Hewlett-Packard in seven European countries and Dubai.
Avnet's biggest recent distribution acquisition was the $412.5 million it spent to acquire Access Distribution in late 2006.
Avnet also said it had acquired Source Electronics, a Hollis, N.H.-based provider of outsourced custom programming services for ICs.
Source has facilities in Brazil, China, Mexico, Singapore, and the U.S. to support customers in multiple markets including consumer electronics, automotive, mobile communications, telecomm, networking, computing, and enterprise storage, said Jim Smith, president of Avnet Logistics.
Source will be integrated into the services operations of the Avnet Logistics division, which delivers logistics and programming services globally, Smith said.
Avnet Logistics, which was initially centered around providing logistics services, including backroom functions in warehousing, distribution, and transportation for Avnet Technology Solutions, has since expanded to offer those services directly to many of that organization's vendor partners including IBM, HP, and Sun Microsystems, both through distribution and direct to customers, Smith said.
Avnet Logistics also handles systems integration for those organizations, he said.
Source brings Avnet new international facilities as well as IC programming technology to increase its reach in the electronics and automotive industries, as well as expands Avnet's scope, scale, and interaction with Avnet Technology Solutions' suppliers, Smith said.