Tech Data $2.6 billion acquisition of Avnet IT business

Overview:

• Tech Data has acquired the IT business of fellow technology products distributor Avnet in a $2.65 billion deal.
• $2.4 billion will be paid in cash, and the remainder in shares.
• The deal increases Tech Data's reach to 35 countries.
• The transaction is expected to close within the first half of 2017.
• Cleary Gottlieb Steen & Hamilton (David Leinwand, Glenn McCrory) advised Tech Data.
• Gibson Dunn & Crutcher (Barbara Becker) advised Avnet.
• Sullivan & Cromwell (Stephen Kotran) represented Tech Data financial adviser Bank of America Merrill Lynch.

Kurt Stumpo - Journalist - North America and the Caribbean