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Tech Data completes Scribona buy

by Stuart Wilson, Monday 19 May 2008

Distribution colossus Tech Data has announced that it has completed its acquisition of Scribona assets in Sweden, Finland and Norway. Tech Data is splashing out approximately US$60m plus a further US$23m premium for the net value of the transferred assets including inventory, vendor agreements, customer lists and office equipment.

"The completion of this acquisition represents an important step for Tech Data in our strategy to drive growth and leverage our infrastructure in the European region," said Robert M. Dutkowsky, CEO at Tech Data. "With this transaction, we penetrate new value-add product lines and solutions and expand our presence as a leading IT distributor in the Nordics."

The total purchase price will be paid over a period of six months. For full year 2007, Scribona Nordics generated sales of US$1.2 billion. Tech Data expects to add approximately US$900m in annualised incremental sales, net of anticipated attrition. Tech Data expects to incur integration costs if US$11m during fiscal 2009 due to customer transition, relocation initiatives, consulting and other integration activities.

"Our combined operations provide customers with greater credit resources, highly-efficient logistics capabilities and improved e-commerce tools," said Nestor Cano, president for Europe at Tech Data.

"We’ve gained an experienced and dedicated team of distribution employees that add significant strength to our organisation. With a more powerful sales and marketing engine, we can better support our customers and vendor partners, and capitalize on the opportunities in this strategic marketplace," Cano added.

Tech Data will release its first quarter results for the period ended April 30th, 2008 on Thursday, May 22nd, 2008.

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