Avnet Buying Pinnacle Data For $22M
PHOENIX (AP) -- Electronic components maker Avnet Inc. said Thursday that it is acquiring Pinnacle Data Systems Inc. for roughly $22 million in an all-cash deal.
Pinnacle, based in Groveport, Ohio, is an electronics repair and logistics services company that helps clients repair, refurbish, recycle and dispose of electronics products.
Avnet said the deal is part of its strategy to acquire complementary businesses that can help its clients beyond its scope of business.
Avnet is paying $2.40 per share for the company. The deal is expected to close in 60 to 90 days.
Pinnacle's stock price doubled in after-hours trading, rising $1.17 to $2.32.
Shares of Avnet, based in Phoenix, rose 7 cents to close at $29.62 and were unchanged in after-hours trading.