SYNNEX to Buy Azerty Canada

So if you have been wondering why I have not been as active on the blog. I have been busy on a large SYNNEX acquisition. The press release below says it all:

TORONTO, ON - May 4, 2006 - SYNNEX Canada Limited, a subsidiary of SYNNEX Corporation (NYSE: SNX), announced today that it has signed a definitive agreement to expand its printing supplies distribution business by acquiring substantially all of the assets of Azerty United Canada's ink and toner business from United Stationers Supply Co.

"SYNNEX Canada is a leader in supplying printer supplies to Canadian value added resellers and retail customers," said Robert Huang, President and Chief Executive Officer of SYNNEX Corporation. "Through this acquisition, we further strengthen our leadership position in printer supplies distribution, as well as our position as one of the leading information technology product distributors in Canada."

"This acquisition will provide SYNNEX Canada with greater market share and an expanded footprint, thus allowing us to provide an even higher level of service to our customers and vendor partners," said Jim Estill, Chief Executive Officer of SYNNEX Canada Limited. We expect the integration of the two organizations to be an efficient transition, and we look forward to the Azerty United Canada staff becoming a part of the SYNNEX family."

Total consideration for the purchased net assets is approximately USD $17 million. In the twelve months ending March 31, 2006, revenues from the Azerty United Canada ink and toner business were approximately USD $100 million. SYNNEX does not expect to retain the entire revenue run rate of the Azerty United Canada business after the close of the acquisition. The transaction is expected to close on or before June 15, 2006.