Cleary Gottlieb is representing long-time client Tech Data Corporation in its acquisition of the technology solutions business of Avnet, Inc.
Tech Data will pay Avnet consideration with a value of approximately $2.6 billion, consisting of $2.4 million in cash and 2,785,402 shares of Tech Data common stock. The deal was announced September 19, 2016.
Tech Data Corporation, based in Florida, is one of the largest wholesale distributors of technology products, services and solutions. The combination will provide the company with increased capabilities and expanded reach across technologies and geographies, and will make Tech Data the world’s most diverse end-to-end global IT distributor with operations in 35 countries.