S&P: Avnet unaffected

Standard & Poor's said Avnet, Inc.'s (BBB-/negative/--) recent announcement that it has agreed to acquire Memec Group Holdings Ltd., the parent company of Memec Group Ltd. (B+/stable/--), in a transaction valued at about $676 million is not expected to have an impact on the ratings or outlook on Avnet.

S&P said the acquisition is expected to enhance Avnet's market position and supplier base, as well as improve operational scale and profitability over the near-to-intermediate term.

Avnet's leverage profile remains high for the rating level, but continues to improve, the ratings agency said. Total debt to EBITDA was about 3.7x as of Dec. 31.

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