New York, November 17, 2016 -- Moody's Investors Service confirmed Avnet, Inc.'s ("Avnet") Baa3 senior unsecured rating, with a negative ratings outlook. This action concludes the review for downgrade initiated on September 19, 2016, upon the company's announcement that it will sell its Technology Solutions ("TS") business for $2.6 billion in cash and equity to Tech Data Corporation. Moody's anticipates that the company will balance the use of cash proceeds from the TS sale among business reinvestment, shareholder returns and reducing debt balances, including debt taken on to fund the September acquisition of Premier Farnell. Avnet's business will now be more concentrated around its Electronics Marketing ("EM") unit.

Vollständigen Artikel bei Moodys lesen