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- Carter, Ledyard & Milburn Represents Avnet, Inc. in Acquisition of Savoir Technology Group
Director of Marketing
Carter Ledyard & Milburn LLP
CARTER, LEDYARD & MILBURN REPRESENTS AVNET, INC. IN ACQUISITION OF SAVOIR TECHNOLOGY GROUP
-Deal Continues Growth of Avnet's Computer Marketing Group-
NEW YORK, March 9, 2000 -- Wall Street law firm Carter, Ledyard & Milburn announced today that it is representing Avnet, Inc. (NYSE: AVT) in connection with its acquisition of Savoir Technology Group, Inc. (NASDAQ: SVTG), the leading distributor of IBM mid-range server products in the Americas, in an agreed merger transaction with an indicated market value of approximately $140 million.
Carter, Ledyard & Milburn attorneys involved in the transaction include corporate partners James E. Abbott and Alan J. Bernstein, tax partner Howard J. Barnet, corporate counsel Stephen V. Burger and Andris J. Vizbaras, ERISA counsel Patricia Matzye and associates Sergio M. Alegre, Austin D. Keyes and Trygve E. Kjellsen.
Individuals from Avnet, Inc.'s legal department who are involved in the negotiations include David R. Birk, Senior Vice President & General Counsel, Tim Grant, Director, Corporate Acquisition Team, and Anne Crowe, Vice President & Assistant General Counsel of Avnet Corporate Services.
When the transaction is completed, most of Savior will be integrated into Avnet's Computer Marketing Group (CMG), with a portion to be combined with the Avnet Applied Computing operating group. It is expected that the addition of Savior will increase CMG's sales to over $2.5 billion world-wide. Savior's principal products are IBM AS/400, RS/6000, S/390, and Netfinity servers. The acquisition will make Avnet the number one IBM mid-range value-added distributor in the world.
Phoenix, Arizona-based Avnet, Inc. is one of the world's largest distributors of semiconductors, interconnect, passive and electrotechnical components and computer products from leading manufacturers. Serving customers in 60 countries, Avnet markets, inventories and adds value to these products and provides world-class supply-chain management and engineering design services. A Fortune 300 company, Avnet's sales for fiscal year 1999 (year ended July 2, 1999) were $6.35 billion, with a pro forma of over $10 billion, including acquisitions closed during fiscal year 2000. The Company's web site is located at www.avnet.com.
Savoir Technology Group, Inc., headquartered in Campbell, Calif., is a leading provider of mid-range servers, software, storage, services and other high technology products to a large network of resellers, solution providers and original equipment manufacturers. Savoir operates nine facilities in the United States and Canada. Its web site is located at www.svtg.com.
Carter Ledyard & Milburn LLP (www.clm.com), established in 1854, has approximately 90 attorneys and has been headquartered on Wall Street since its founding. Carter Ledyard's general practice includes corporate, securities, mergers and acquisitions, broker-dealer, on-shore and off-shore hedge and other alternative investment funds, private equity, litigation, intellectual property, environmental, employment, media and technology, immigration, investment regulation, antitrust, art law, trusts and estates, maritime, ERISA, tax-exempt organizations, real estate, tax and bankruptcy. A significant part of the firm's practice involves representing overseas-based clients and their U.S. affiliates, financial institutions and other financial services providers, governmental entities and media and technology clients.
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