The board of IT company Horizon has agreed to back a takeover offer from US computer products and technology services company Avnet.
Under the proposed deal, Horizon shareholders will receive €1.18 in cash per share, valuing the company at €101.3m.
Horizon distributes IT products in Ireland and the UK, mainly for business customers.
Avnet CEO Roy Vallee said the buy would strengthen its position in the UK and expand its coverage into Ireland.
Horizon founder and chairman Samir Naji said the offer represented 'a substantial premium' and, as it was in cash, provided certainty of value in highly uncertain markets.
Mr Naji and his family own just under 38% of Horizon, and would receive around €38m from the takeover. Quinn Direct owns 4.7%, meaning it would net almost €5m.
Horizon shares closed up seven cent at €1.13 in Dublin this evening.
