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Avnet Acquires Horizon

PHOENIX -- Avnet, Inc. (NYSE:AVT) announced today through its wholly-owned subsidiary, Avnet (Holdings) Limited, that its offer for Horizon Technology Group plc (Horizon) has been declared unconditional in all respects. As had been previously announced, all shareholders of Horizon will receive 1.18 per share, which equates to an equity value of approximately €98.5 million ($156.1 million). Horizon is a leading technical integrator and distributor of information technology products in the UK and Ireland. The transaction is expected to be accretive to earnings by approximately $0.10 per share in FY2009, excluding integration charges, and supports Avnet’s long-term return on capital goals.

John Paget, global president of Avnet Technology Solutions, commented, “The acquisition strengthens our competitive position in the UK IT distribution market by expanding our product line in high growth segments including storage, networking and security. It also expands our geographic coverage into the IT distribution market in Ireland with a suite of services and capabilities that support our strategy to deliver complete solutions that meet the increasingly complex requirements of our customer base.”

Avnet Inc.