Electric component distributor Avnet Inc, reported today that it has achieved agreement with the Board of Directors of Premier Farnell plc (“Premier Farnell”) on the terms of a prescribed offer for Premier Farnell by Avnet or one of its completely claimed auxiliaries. The all-cash offer of £1.85 per offer speaks to a value estimation of around £691 million and a 12.1% premium over the past offer of £1.65 per offer by Datwyler Technical Components UK Limited. Headquartered in Leeds, United Kingdom.

As reported by Avnet,  the transaction is intended to be effected by means of an English court-sanctioned scheme of arrangement and is subject to satisfaction or waiver of several conditions, including the approval of Premier Farnell shareholders and the court, receipt of regulatory approvals in the European Union, United States and Israel, and other customary conditions.

William Amelio, interim CEO of Avnet, said:’The talented team of people at Premier Farnell will allow Avnet to enhance our customer experience and accelerate our global growth.”

Premier Farnell will bolster our strategy to provide a differentiated digital experience from product ideation through its lifecycle. Premier Farnell’s customers gain access to an extensive suite of supply chain services allowing them to ramp new products to production volumes.Our customers will be able to do more technical research online through the services provided by Premier Farnell,” said Gerry Fay, President of Avnet’s Electronics Marketing, Worldwide “Bringing these two companies together allows us to capture market share earlier in the design process.”

“In addition to deepening our customer base, this acquisition will enhance our go-to-market strategy as we target the industrial Internet of Things with edge-to-enterprise products and solutions.”