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Avnet Completes itX Acquisition

PHOENIX — Avnet, Inc. (NYSE:AVT) announced today that it has completed its acquisition of itX Group Limited (itX), a leading Australian value-added distributor of IT software, hardware and services, in an all cash merger valued at AU$77.5 million (USD$79.1 million). itX distributes products and services from the world's leading IT suppliers including Oracle, IBM, HP, VMware, Apple, Citrix, Red Hat, and Trend Micro. The transaction is expected to be immediately accretive to earnings and supports Avnet's return on capital goals for acquisitions.

“The addition of itX to our current business will significantly enhance our competitive position in Australia by expanding the portfolio of solutions we can offer,” stated KP Tang, president, Avnet Technology Solutions Asia Pacific. “Their strength in services and software complements Avnet's expertise in the data centre and will create opportunities for cross selling into the combined customer base.”

With approximately 150 employees, itX has offices in Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide. For fiscal year ended June 30, 2010, itX generated revenue of approximately AU$159.6million (USD$162.8 million).

{complink 577|Avnet Inc.}

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