PHOENIX--(BUSINESS WIRE)--
Avnet, Inc. (NYSE: AVT), a leading global technology distributor,
announced today that it has reached an agreement to sell Vandasoft
Technology Holdings Limited, Avnet Vanda Group's banking application
business in China (Vanda China) to PCCW Solutions. Avnet will continue
to own and operate the Vanda Hong Kong and Macau system integration
business, providing systems integration services and solutions
incorporating hardware and software from major suppliers. Once the
transaction is complete, Vanda China will continue to deliver a rich
portfolio of banking software to clients as part of PCCW Solutions.
Vanda China has offices in 6 major cities and a service team covering
over 20 provinces across China.
"This transaction divests a non-core asset for Avnet and will allow the
Vanda China team to join PCCW Solutions, the IT services flagship of the
PCCW Group, where they can fully leverage their capabilities," stated
William Chu, President of Avnet Technology Solutions Asia Pacific.
This transaction is expected to be completed by the end of November 2012.
About Avnet
Avnet, Inc. (NYSE:AVT), a Fortune 500 company, is one of the largest
distributors of electronic components, computer products and embedded
technology serving customers globally. Avnet accelerates its partners'
success by connecting the world's leading technology suppliers with a
broad base of customers by providing cost-effective, value-added
services and solutions. For the fiscal year ended June 30, 2012, Avnet
generated revenue of $25.7 billion. For more information, visit www.avnet.com.
(AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com
or contact us at investorrelations@avnet.com.
Avnet, Inc.
Investor Relations Contact:
Vincent Keenan
Vice
President, Investor Relations
480-643-7053
vincent.keenan@avnet.com
or
Public
Relations Contact:
Michelle Gorel
Vice President, Public
Relations
480-643-7653
michelle.gorel@avnet.com
Source: Avnet, Inc.
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