Avnet’s recommended cash offer for Premier Farnell was £1.85 per share, announced on 28 July 2016 and valuing Premier Farnell’s equity at approximately £691 million. The acquisition completed on 17 October 2016.
What was Avnet’s offer for Premier Farnell?
Avnet and Premier Farnell announced a recommended all-cash scheme on 28 July 2016. The agreed consideration was £1.85 for each Premier Farnell share, implying an equity value of approximately £691 million. Avnet and Premier Farnell also reported an implied enterprise value of £868 million. Equity value represents the value attributed to shareholders; enterprise value is a broader measure that includes debt and other adjustments.
The £1.85 price was 12.1% higher than Datwyler’s earlier £1.65-per-share proposal, announced on 14 June 2016. It was also a 69.3% premium to Premier Farnell’s closing share price on 13 June 2016, the reference date used for that comparison. These are premiums calculated against different benchmarks, not additional payments on top of the £1.85 offer.
When did the deal close?
| Date | Deal event |
|---|---|
| 13 June 2016 | Reference closing price used to calculate the 69.3% premium. |
| 14 June 2016 | Datwyler announced its £1.65-per-share proposal. |
| 28 July 2016 | Avnet and Premier Farnell announced the recommended £1.85-per-share cash scheme, subject to conditions. |
| 6 October 2016 | The European Commission recorded the acquisition of sole control by public bid. |
| 17 October 2016 | Avnet announced completion and said Premier Farnell shares had been acquired for £1.85 each. |
Completion followed shareholder, court and regulatory conditions. Avnet reported that shareholders representing 99.9% of votes cast approved the transaction. That figure describes votes cast, not necessarily 99.9% of all shareholders or shares outstanding.
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Why did Avnet acquire Premier Farnell?
Avnet presented the deal as a way to combine two complementary parts of the electronics supply chain. Its broadline distribution and supply-chain operation handled large-volume needs, while Premier Farnell specialized in support for proof of concept and design. The strategic aim was to serve customers from early product development through volume production, alongside a stronger digital offering.
At completion, Avnet CEO William Amelio described the intended benefit as pairing large-volume distribution with Premier Farnell’s design and proof-of-concept specialization so customers could move from prototype to production. This was Avnet’s stated rationale, not a guarantee that every customer would receive a particular service or outcome.
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What synergies did Avnet expect?
Avnet projected annual synergies of approximately $70 million to $80 million after integration. This was a company expectation announced in 2016, not a reported result or a per-share saving for Premier Farnell shareholders. The cited announcement does not establish that the projected amount was ultimately achieved.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How large was the combined business?
In its 2016 merger-control decision, the European Commission recorded the transaction as a public bid giving Avnet sole control. It reported combined worldwide turnover above €5 billion, based on Avnet turnover of €25.169 billion and Premier Farnell turnover of €1.243 billion. These turnover figures describe the businesses cited in that decision; they are not the purchase price or the value of the combined company.
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How to interpret the deal’s headline values
- £1.85 per share: the cash consideration offered for each Premier Farnell share.
- Approximately £691 million: the implied equity value of the transaction.
- £868 million: the implied enterprise value reported by Avnet and Premier Farnell.
- 12.1% and 69.3%: premiums against two separate reference offers or share prices, not alternative measures of the amount paid.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
