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Tech deal rises from Phoenix

Tech deal rises from Phoenix

An American company based in Phoenix that has acquired the Australian distributor of software products from Apple, IBM and Oracle used Allen & Overy on the transaction.Avnet Inc announced…

An American company based in Phoenix that has acquired the Australian distributor of software products from Apple, IBM and Oracle used Allen & Overy on the transaction.

Avnet Inc announced that it has entered into a definitive agreement to acquire all of the outstanding shares of the itX Group Limited (ITX). The company is a leading distributor of a broad range of IT software and hardware products in Australia from a range of suppliers including HP, VMware, Oracle, IBM and Apple.

The acquisition, which is subject to approval from ITX shareholders, would be by way of a scheme of arrangement and would be worth around $80 million.

ITX was advised by Norton Rose, with partner Shaun Clyne heading a team that included senior associate Ebony Keenan-Dunn and associate Katie Hegarty.

In 2009, Avnet, which operates in nearly 40 countries, achieved revenue in excess of $US 16 billion.

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