The deal between Avnet (AVT) - Get Report and Tech Data (TECD) - Get Report  has both companies' stocks higher by 10% and 20%, respectively. This deal is something "we should be talking about," TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment Monday.

This wasn't an acquisition of the whole company, said Cramer, the co-manager of the Action Alerts PLUS portfolio. Instead, Tech Data bought Avnet's technology solutions business for $2.6 billion.

Avnet has fallen on tough times and this deal will put $2.4 billion in its pockets along with $200 million in Tech Data stock, Cramer explained. For Tech Data, the purchase paves the way for the company to expand in China.

The deal will be very accretive for Tech Data, which is why the stock is up so much on the news. The company is "all of a sudden a worldwide powerhouse in information technology," he added.

"I'm kind of amazed," Cramer concluded. "What a deal."

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.