Investing.com - U.S. electrical components distributor Avnet to sell IT business to rival Tech Data for $2.6 bn.
Avnet to get $2.4 bn in cash and 2.8 mnn Tech Data shares, 7% of the company.
Avnet to focus on design chain and supply chain services.
Deal allows Tech Data to expand its operations to 35 from 21 countries; pro-forma revenue seen $35 bn.
Tech Data shares up 18% at 07:35 ET; Avnet was up 8%.