Arrow Electronics announces completion of acquisition of Nu Horizons Electronics
Melville, N.Y. - Arrow Electronics, Inc. (NYSE:ARW - News) announced today the successful completion of the acquisition of Nu Horizons Electronics (“Nu Horizons”) in an all cash transaction for $7.00 per share. Nu Horizons is a leading global distributor of advanced technology semiconductor, display, illumination, and power solutions to a wide variety of commercial original equipment manufacturers (OEMs) and electronic manufacturing services providers (EMS).
“We are excited to welcome the Nu Horizons team to the Arrow family. This strategic transaction will enhance our design capabilities in the fast-growing Asia-Pacific region, as well as complement our leading technology portfolio in the Americas and Europe,” said Michael J. Long, chairman, president, and chief executive officer of Arrow Electronics, Inc.
Nu Horizons is headquartered in Melville, N.Y., and has approximately 650 employees. Total sales were $671 million for the fiscal year ended February 28, 2010. The transaction is expected to be $.05-$.10 per share accretive to earnings in the first full year of operations.
Arrow Electronics (www.arrow.com) is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions. Headquartered in Melville, N.Y., Arrow serves as a supply channel partner for over 900 suppliers and 125,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of more than 310 locations in 51 countries and territories.
Arrow Electronics, Inc. Michael Taunton, 631-847-5680 Vice President & Treasurer or Paul J. Reilly, 631-847-1872 Executive Vice President, Finance and Operations & Chief Financial Officer or Media John Hourigan, 303-824-4586 Director, Corporate Communications