Tech Data Corporation Announces Expected Closing Date for Acquisition of Avnet’s Technology Solutions Business
February 17 2017 - 12:00PM
Tech Data Corporation (NASDAQ:TECD) today announced its current
expectations concerning the closing of its acquisition of Avnet’s
Technology Solutions business. There has been substantial progress
towards meeting the conditions to closing, and, subject to receipt
of final regulatory approvals, particularly the European
Commission, the acquisition could close by the end of February
2017. For details of the transaction refer to the press release
titled “Tech Data Corporation to Acquire Technology Solutions
Business from Avnet for $2.6 billion” dated September 19, 2016.
Forward-Looking Statements
Certain statements in this communication may
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements,
including statements regarding Tech Data’s plans, objectives,
expectations and intentions relating to the proposed Acquisition,
financing and closing of the proposed Acquisition, and the expected
timing and benefits of the proposed Acquisition, involve a number
of risks and uncertainties and actual results could differ
materially from those projected, particularly receipt of European
Commission approval. These forward-looking statements are based on
current expectations, estimates, forecasts, and projections about
the proposed Acquisition and the operating environment, economies
and markets in which Tech Data and the Acquired Business operate
and the beliefs and assumptions of our management. Words such as
“expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of
such words, and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
only predictions and are subject to risks, uncertainties and
assumptions. Therefore, actual results may differ materially and
adversely from those expressed in any forward-looking
statements.
For additional information with respect to risks
and other factors which could occur, see Tech Data’s Annual Report
on Form 10-K filed on March 24, 2016, including Part I, Item 1A,
“Risk Factors” therein, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other securities filings with the SEC that
are available at the SEC’s website at www.sec.gov and other
securities regulators. Readers are cautioned not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Many of these factors are beyond Tech Data’s
control. Unless otherwise required by applicable securities laws,
Tech Data disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Tech Data undertakes no
duty to update any forward-looking statements contained herein to
reflect actual results or changes in Tech Data’s expectations.
About Tech Data
Tech Data Corporation is one of the world’s largest wholesale
distributors of technology products, services and solutions. Its
advanced logistics capabilities and value added services enable
105,000 resellers to efficiently and cost effectively support the
diverse technology needs of end users in more than 100 countries.
Tech Data generated $26.4 billion in net sales for the fiscal year
ended January 31, 2016. It is ranked No. 108 on the Fortune 500®
and one of Fortune’s “World’s Most Admired Companies.”
Contacts:
Chuck Dannewitz, Executive Vice President and Chief Financial Officer
727-532-8028 (chuck.dannewitz@techdata.com)
Arleen Quiñones, Vice President, Investor Relations and Corporate Communications
727-532-8866 (arleen.quinones@techdata.com)
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