Tech Data Corp, the Clearwater, Florida-based computer products distributor, said Thursday that it will acquire Globelle Corp, a mass storage and components distributor in Canada. The deal, which is valued at roughly $25m, will be carried out by the Tech Data Canada Inc subsidiary through the purchase of all of the common shares of Globelle at a price of $1.67 per share in cash.
The acquisition is expected to be complete by the end of May, as Globelle’s board has already approved the offer and the company has agreed not to solicit other offers. It will double the size of Tech Data’s operations in Canada and also gives the company a presence in Israel, where Globelle has a subsidiary. For its most recent fiscal year, Globelle reported sales of $352m and net income of $4m. The 250-strong company has been around since 1985 and today boasts approximately 6,500 customers in Canada.
