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Norton Rose Australia is acting on an impending acquisition look set to become one of the biggest Australian distributor acquisitions of the year.
NORTON Rose Australia is acting on an impending acquisition look set to become one of the biggest Australian distributor acquisitions of the year.
The firm is advising itX Group Limited (ITX) on the proposed acquisition of all of the issued shares of ITX by Avnet, Inc. The purchase is still subject to shareholder and court approval, which is expected to take up to five months to complete. ITX is a leading distributor of a range of IT software and hardware products and a provider of specialised IT services throughout Australia. The proposed transaction will be given effect to by way of a scheme of arrangement. Under the scheme, ITX shareholders will receive $1.55 in cash for each ITX share that they hold on the scheme record date. ITX has reserved the right, subject to certain conditions, to declare and pay to its shareholders a special dividend of up to $0.20 per share (in addition to its normal full year dividend). ITX and Avnet will prepare a scheme booklet and intend to dispatch it to ITX shareholders in late October 2010. Both the annual general meeting for ITX and the scheme meeting are expected to be held in late November and, if approved, it is envisaged the scheme will become effective in December. The $80 million deal is being led by Norton Rose partner Shaun Clyne, senior associate Ebony Keenan-Dunn and associate Katie Hegarty.
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