New Delhi: UK-based Premier Farnell Plc, a distributor of electronic components and industrial products, will acquire Bangalore-based specialist semiconductor distributor Hynetic Electronics for an undisclosed amount.
Premier Farnell’s has signed a letter of intent with Hynetic Electronics Pvt Ltd to acquire its assets and business in India, according to a statement on the UK firm’s website. The financial details were not revealed.
Hynetic has been an authorized distributor of Farnell’s products for over seven years in India. The proposed buyout is expected to be completed by 31 December, 2007.
“Our strategy for profitable growth focuses on internationalizing our business, concentrating our efforts on the electronic design engineer segment and increasing our web activity,” Premier CEO Harriet Green said in the statement.
Hynetic also offers services in telecom and broadband, embedded systems and power conversion. The planned acquisition would be subject to the terms and conditions to a proposed sale and purchase agreement.