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Article Excerpt
Acquisition of C-88 AS strengthens Nu Horizons' presence in the high-growth European market
MELVILLE, N.Y. -- Nu Horizons Electronics Corp. (NASDAQ:NUHC), a leading global distributor of advanced technology semiconductor, display, illumination, power and system solutions, today announced the acquisition of C-88 AS, a franchised distributor of electronic components based in Hoersholm, Denmark.
Pursuant to the terms of the purchase agreement, Nu Horizons paid $3.5 million in cash. The purchase agreement also provides for potential additional payments to the seller from a minimum $500,000 up to a maximum $3.5 million. The payment of any amounts in excess of the $500,000 minimum is contingent upon the attainment of certain earnings milestones by C-88 AS during the three-year period ending August 31, 2011.
C-88 AS had approximately $18 million in sales for the twelve month period ended April 30, 2008, and is expected to...
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