PHOENIX (AP) -- Electronic components maker Avnet Inc. said Thursday that it has agreed to buy circuit and semiconductor supplier Internix Inc. and is starting a tender offer for the company's shares.
The companies did not disclose terms of the deal.
Avnet said Internix had $260 million in revenue over the 12 months ended March 31, and said the acquisition will expand its business in Japan. Internix primarily serves original equipment manufacturers in japan.
Phoenix-based Avnet said Internix's board has approved the offer, and subject to regulatory approval, it expects to complete the purchase by the end of August. Avnet said the acquisition should add to its profit immediately.
Shares of Avnet slipped 9 cents to $32.25 in morning trading Thursday. They have traded in a 52-week range of $23.69 to $37.03.