Avnet Inc. (AVT: Quote) has agreed to acquire the Magirus Group, a pan-European distributor of data center solutions and services. The company said the Magirus acquisition would significantly improve its competitive position in Europe and the Middle East by expanding its suite of solutions in high-growth technologies.
Founded in 1981, Magirus recorded revenue of around $530 million in the 2011 calendar year, and would be integrated into Avnet Technology Solutions' EMEA business. According to the company, this purchase is expected to be immediately accretive to earnings and achieve Avnet's return on capital goal of 12.5% within 2 years.
Magirus, through its professional services portfolio and knowledge of the IT sector, enables business partners to take new technologies to market in eleven markets throughout Europe and the Middle East. The transaction may close in October 2012.
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by RTT Staff Writer
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