As had been previously announced, all shareholders of Abacus will receive £0.55 per share, which equates to an equity value of approximately £42.2 million ($61.0 million) and a transaction value of £97.9 million ($141.6 million) assuming a net debt position for Abacus of £55.7 million ($80.6 million) as of September 30, 2008. The purchase price has declined approximately 20% as a result of the strengthening of the US dollar versus the British pound since the transaction was initially announced on October 10, 2008.
Abacus is a distributor of electronic components and embedded systems serving customers in 10 countries across Europe. Abacus will be integrated into Avnet’s European Electronics Marketing business. For the fiscal year 2008, the 1972 founded Abacus had total sales of £279 million and EBITDA of £12 million before unusual items.
