Synnex Buys New Age
Distributor Synnex has entered into a definitive agreement to buy New Age Electronics (NAE), a U.S. distributor of IT and consumer electronics products to the retail sector, for about $54 million in cash.
The acquisition expands Synnex’ existing consumer electronics product offering by adding complementary consumer and retail products from manufacturers such as HP, Panasonic, Sharp, Kodak, and Samsung, according to the company.
“New Age Electronics is well-known and highly-regarded for its execution in the retail market for consumer electronics distribution,” said Robert T. Huang, president and Chief Executive Officer of Synnex Corporation. “This acquisition will greatly expand our consumer electronics offering. Once we complete the integration, we anticipate NAE’s core business to be accretive to our earnings. This acquisition also meets our stringent ROIC growth targets. We look forward to creating increased value and accelerating the growth of our combined business through synergies, scale and shared resources.”