Arrow Electronics to acquire DATA MODUL
Arrow Electronics is buying the German-based distributor DATA MODUL. It has made an all-cash tender offer to acquire the shares of the company at €27.50 per share ($31.00 per share based on current exchange rates). The purchase price represents a premium of approximately 35 percent on the weighted average stock exchange price of the Data Modul AG-shares during the prior three months.
Arrow is pursuing the deal through its wholly-owned subsidiary in Munich, Germany -Arrow CEHM.
“This acquisition expands and strengthens our visual solutions capabilities and will broaden both our offerings and our geographic reach in this important market. We are excited to welcome the Data Modul team to Arrow,” said Michael J. Long, chairman, president and CEO of Arrow.
In conjunction with this tender offer, Arrow CEHM has entered into agreements with several shareholders of the company including the Hecktor family and Varitronix Investment Limited through which Arrow CEHM has secured the acquisition of approximately 37% of the nominal share capital of the company. The management board and supervisory board of Data Modul AG support the transaction.
Headquartered in Munich, Germany, Data Modul has operations in Europe, Middle East, Asia, and North America. Sales in 2014 are estimated to be €160 million. The purchase price assuming all shares are tendered would be approximately €94 million ($105 million based on current exchange rates).
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