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Avnet Buys GE Unit

It pays $412 million.


(AVT) - Get Avnet, Inc. Report

agreed to buy Access Distribution from


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(GE) - Get General Electric Company Report

for $412.5 million in cash.

"Access' deep-rooted relationships with Sun Microsystems and its extensive value-added reseller base provides a strong complement to Avnet's existing partnerships. As a well-respected IT distributor with valuable franchises, strong technical capabilities and talented people, Access represents an excellent strategic fit. In addition to delivering more value to both companies' customers and suppliers, we believe the combination creates significant value for Avnet shareholders," the Phoenix-based company said.

The company's shares were trading up 19 cents, or 0.76%, at 25.03 Monday.

This story was created through a joint venture between and IRIS.