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EU exec clears Avnet to buy Abacus Group
Time:[2012-07-09] | Back
BRUSSELS, Jan 19 - U.S. electronics components distributor Avnet gained permission from EU competition regulators on Monday to buy British peer Abacus Group.The European Commission, the competition watchdog of the 27-nation European Union, said in a statement that its investigation had shown there was no risk of collusive behaviour to thwart competition. It said though Avnet would acquire a leading position in several countries for the distribution of semiconductors, any attempt to establish coordination at the distribution level would face fierce resistance from manufacturers.The Commission said Arrow Electronics, the largest distributor in Europe, as well as a number of smaller distributors, would be able to act as a constraint on any anti-competitive behaviour by the combined entity.Abacus announced in October it had agreed to a takeover offer from Avnet which valued the company at about 42.2 million pounds ($61.2 million).Avnet is a global player in the distribution of electronic components and computer products and systems with presence in ten European countries.
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