Arrow Electronics, Inc. (NYSE:ARW) announced today that it has entered into a Settlement Agreement with E.ON SE (EOAN:GR) and VEBA Electronics LLC relating to certain disputes originating from Arrow’s acquisition of Wyle Electronics from the VEBA Group in August of 2000. Under the Settlement Agreement, E.ON will pay Arrow an aggregate amount of $110 million. The Settlement Agreement provides for, among other things:
- The final and irrevocable settlement among Arrow, E.ON and VEBA of all present or future claims relating to or arising out of the Wyle acquisition, including settlement of related income tax disputes; and
- The dismissal of all litigation between Arrow, E.ON and VEBA including all claims and counterclaims before the District Court of Frankfurt am Main in Germany, and the termination of a related ongoing mediation proceeding that commenced in December 2009.