8 May – LAWFUEL – The Law News Network – Allen & Overy is advising US-based Avnet, Inc., the distributor of computer products and electronic components, on the European and Asian aspects of its acquisition of the semiconductor distributor, Memec Group Holdings Ltd, for $676 million, including the assumption of approximately $194 million of Memec’s net debt.
Under the terms of the agreement, Memec investors will receive a total of approximately 24 million shares of Avnet common stock plus approximately $64 million in cash.
The Allen & Overy team is being led by corporate partner Ian Stanley, working with corporate partner Vanessa Blackmore and associate Nick Stuart. Brussels-based partner Michel Struys is advising on antitrust aspects.
Commenting, Ian Stanley said: “We are very pleased to be assisting Avnet on this important stage in its development.”
Gibson, Dunn & Crutcher LLP is advising Avnet on US aspects.