Avnet acquires Premier Farnell for $850 million
PHOENIX, AZ. Avnet announced that it has completed the acquisition of Premier Farnell plc for approximately $847.95 million, a purchase that the company hopes will expand its global distribution footprint and generate $70-80 million in annual cost synergies after integration.
Premier Farnell is known for its digital platform that provides technologists with products, services, and development software, supporting a community of more than 430,000 registered users. Headquartered in Leeds, U.K., Premier Farnell is expected to fold into Avnet’s strategy of serving customers at every stage of product design.
“By pairing our deep expertise in large volume broadline distribution with Premier Farnell’s specialization in proof of concept and design, we can offer true end-to-end solutions that accelerate a customer’s time-to-market and moves their products seamlessly from prototype through to volume production,” said William Amelio, Chief Executive Officer of Avnet. “As technology reaches deeper into more products and innovation proliferates through the Internet of Things, the ability to reach a wider base of engineers earlier in the design process will be critical to our future growth and success."For more information visit www.avnet.com/en-us.