Avnet plans to acquire Horizon Technology Group in an all cash offer for €1.18 per share, which equates to an equity value of approximately €98.5 million ($156.1 million) and a transaction value of €94.4 million ($149.6 million) assuming a net cash position for Horizon of €4.1M as of December 31, 2007. Horizon is a technical integrator and distributor of information technology products in the UK and Ireland. The transaction, which is subject to, among other things, the completion of a tender offer under the Irish Takeover Rules and EU merger control clearance, is expected to close by the end of June 2008. Horizon's distribution business markets enterprise server, storage, networking and security products from vendors including Sun Microsystems, EMC, F5 Networks Juniper, IBM, and Nortel.