Nu Horizons to Acquire DT Electronics
Staff Reporter -- EDN, June 15, 2006
Nu Horizons Electronics Corp., a Melville, N.Y.-based distributor of active semiconductor, display and system solutions, today announced it has signed a non-binding letter of intent to acquire DT Electronics, a franchised technical distributor of electronics components.
Nu Horizons Electronics said the transaction is expected to close on or about Aug. 15, with financing to come from the company’s existing cash on hand plus borrowings on current bank lines of credit.
For its most recent fiscal year ended March 31, Coventry, U.K.-based DT Electronics' reported unaudited revenues of approximately $25 million. Further financial details of the acquisition were not given.
"We expect that our acquisition of DT will establish a footprint for Nu Horizons' distribution business within the European market,” Arthur Nadata, chairman and CEO of Nu Horizons Electronics, said in a statement. “We believe that the acquisition will be synergistic due to each company's complimentary supplier base, limited line card and demand creation business philosophy.
“Following the acquisition, we intend to operate with one seamless global infrastructure and operating system, combining industry-leading technical sales and field application engineers with world-class logistics in our effort to set a new industry standard," he continued.
