Tech deal rises from Phoenix

An American company based in Phoenix that has acquired the Australian distributor of software products from Apple, IBM and Oracle used Allen & Overy on the transaction.Avnet Inc announced…

Lawyers Weekly • 17 August 2010 • Big Law

An American company based in Phoenix that has acquired the Australian distributor of software products from Apple, IBM and Oracle used Allen & Overy on the transaction.

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Avnet Inc announced that it has entered into a definitive agreement to acquire all of the outstanding shares of the itX Group Limited (ITX). The company is a leading distributor of a broad range of IT software and hardware products in Australia from a range of suppliers including HP, VMware, Oracle, IBM and Apple.

The acquisition, which is subject to approval from ITX shareholders, would be by way of a scheme of arrangement and would be worth around $80 million.

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ITX was advised by Norton Rose, with partner Shaun Clyne heading a team that included senior associate Ebony Keenan-Dunn and associate Katie Hegarty.

In 2009, Avnet, which operates in nearly 40 countries, achieved revenue in excess of $US 16 billion.

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