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.