Wednesday, Avnet Inc. (AVT) said it acquired a controlling interest in Vanda Group from Hutchinson Whampoa Ltd., with effect from October 5, 2009, thereby expanding its presence and customer base across China.
The company stated that the transaction will also provide Avnet Technology Solutions with a strong solutions practice in the banking and financial sector.
Andrew So, managing director of Vanda Group, said, "The new relationship with Avnet Technology Solutions will allow us to leverage our scale, scope and accelerate our growth." Founded in 1982, Vanda Group is an IT solutions and services provider covering major cities in China, Hong Kong and Macau.
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