Avnet Acquires itX Group Limited

Avnet Inc has cquired itX Group Limited, in effort to expand and strengthen their presence in the Australian market. Here are the quick details…

itX Group Limited is an Australian value-added distributor notable for software, hardware and services, selling Oracle, IBM, HP, VMware and even Apple products and technologies. They also distribute specialized printers, ID cards, photographic imaging software, medical devices and more.

Avnet sealed the deal with itX by entering an agreement to acquire all the outstanding shares of itX. The entire transaction, which is subject to Australian law and shareholder approval, is expected to close in 120 to 150 days.

Avnet’s interest in the company not only is for the increase in the Asia-Pacific region, and Australian market, but also for itX’s performance, which generated revenue of approximately AU$147 million ($131.5 million) in the end of fiscal year of June 2009.

Check out the press release for more money details and supporting quotes.