Monday morning, Arrow Electronics, Inc. (ARW), a provider of products and solutions to industrial and commercial users, said the LOGIX works council approved the company's proposed acquisition of Courbevoie, France headquartered LOGIX S.A., a subsidiary of Groupe OPEN.
The Melville, New York, headquartered Arrow said it has signed a definitive deal to acquire all the shares of LOGIX, a provider of full range of distribution services to over 6,500 partners.
Arrow expects the acquisition to be immediately accretive to earnings by $.02 to $.04 in the first 12 months. The deal would be subject to customary European Union competition clearance.
William E. Mitchell, chairman, president and chief executive officer, Arrow said, This transaction will expand our pan-European footprint and almost double our line card, as well as strengthen existing relationships with key suppliers.RW closed Friday's regular trading session at $33.59.
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