XML 37 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisitions and divestitures
6 Months Ended
Dec. 31, 2011
Acquisitions and divestitures [Abstract]  
Acquisitions and divestitures
Acquisitions and divestitures
Acquisition activity
During the first half of fiscal 2012, the Company acquired four businesses with annualized revenues of approximately $335 million for an aggregate purchase price of $118,507,000, net of cash acquired. Two of the businesses acquired are reported as part of the EM Asia region, one is reported as part of the EM EMEA region, and one is reported as part of the TS EMEA region.
Gain on bargain purchase and other
During the second quarter and first half of fiscal 2012, the Company recognized a loss of $1.4 million pre-tax, $0.9 million after tax and $0.01 per diluted share related to a write-down of an investment in a small technology company and the write off of certain deferred financing costs associated with the early termination of a credit facility (see Note 4 for further discussion of the credit facility).
During fiscal 2011, the Company acquired Unidux, Inc., (“Unidux”) an electronics component distributor in Japan with annualized revenues of approximately $370 million, which is reported as part of the EM Asia region. Unidux was a publicly traded company which shares were trading below its book value for a period of time. In a tender offer, Avnet offered a purchase price per share for Unidux that was above the prevailing trading price thereby representing a premium to the then recent trading levels. Even though the purchase price was below book value, the Unidux shareholders tendered their shares. As a result, the Company recognized a gain on bargain purchase of $30,990,000 pre- and after tax and $0.20 per share on a diluted basis. Other charges recorded during the first half of fiscal 2011 related primarily to the impairment of a building in EMEA.