Feeds

Avnet sees blue skies with Horizon buy

Irish reseller falls into line

Reducing security risks from open source software

Irish reseller Horizon Technology has agreed a recommended cash offer from IT distie Avnet, valuing the firm at €101.3m.

The proposed merger follows months of buy-out speculation. In March, Horizon admitted it was in talks with a possible buyer.

Horizon offers a bit of everything to the channel set from hardware and software to services.

The €1.18 per share offer represents a 153.8 per cent premium on the closing price of €0.465 per share on 12 March, the day before Horizon announced it had received a preliminary bid approach.

Company chairman Samir Naji said the offer, which is conditional on EU merger control clearance, represents a tasty premium for Horizon’s shareholders.

Avnet chairman and CEO Roy Vallee said: "The acquisition of Horizon will strengthen Avnet Technology Solutions' position in the UK IT distribution market and expand its geographic coverage into Ireland.

"Horizon's position with tier 1 vendors and growing services practice offers an opportunity to bolster Avnet's current product and services offerings in Europe."

Horizon shares are currently trading up more than two per cent at 89 pence on the London Stock Exchange. ®

Mobile application security vulnerability report

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.