Bell Microproducts Acquired by Avnet

San Jose-based Bell Microproducts, a $3.0 billion distributor of electronic components, has been acquired by competing firm Avnet. According to Avnet, it will pay $7.00 per share in cash for Bell Microproducts, in a deal worth approximately $594M. After accounting for debt at Bell Microproducts, Avnet said the equity value of the deal is worth approximately $252M. The merger joins two of the largest, global electronic distributors. Avnet was advised by BofA Merrill Lynch; Squire, Sanders & Dempsey LLP; and Allen & Overy LLP in the deal.