Savoir to Be Acquired to Avnet Inc.
Savoir Technology Group Inc. (Campbell, Calif.), a leading distributor of IBM midrange systems, has agreed to be acquired by Phoenix-based Avnet Inc., the companies announced last week.
Avnet is a worldwide distributor of semiconductors, interconnect, passive and electromechanical components and computer products from leading manufacturers. Savoir’s main products include IBM AS/400, RS/6000, S/390 and Netfinity servers. Savoir executives said Avnet’s expertise complement Savoir’s offerings in the IBM midrange market, especially in the areas of wireless technology and storage.
“The board of directors and management team feel this is a tremendous opportunity to join one of the most successful companies in our industry,” says Scott Munro, Chairman and CEO of Savoir Technology. “Avnet will add real financial capabilities to our ability to grow the business.”
Avnet Chairman and CEO Roy Vallee says the deal with Savoir is one of a series of transactions Avnet has conducted in order to strengthen its position as a leading midrange distributor.
“Avnet continues to make strategic acquisitions around the globe that enhance the value that we provide to our customers and suppliers, while enhancing shareholder value,” says Vallee. “We are very pleased to be acquiring Savoir, whose market position will augment our own to create the largest midrange value-added distributor in the world, further strengthening our leading position as a technology marketer and service provider.”
The acquisition is expected to be completed by June, once it passes regulatory reviews and approval by Savoir shareholders. Both companies’ boards of directors have already approved the deal.
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