Avnet says agrees to buy Nippon Denso

PHILADELPHIA, Nov 30 (Reuters) - Electronics-components distributor Avnet Inc (AVT.N) said on Sunday it agreed to buy Nippon Denso Industry Co Ltd (NDI) in a move to double its business in Japan and boost earnings.

NDI, a Tokyo-based distributor of electronic components, had annual revenues of 16.1 billion yen ($170 million) for its fiscal year ended March 31, 2008.

In addition to its Tokyo headquarters and warehouse, NDI also has five sales offices within Japan, two international sales offices in Singapore and Hong Kong and an international subsidiary in Shanghai, China.

With the addition of NDI, Avnet's subsidiary, Avnet Japan Co Ltd will more than double its business in Japan.

The deal, which is expected to close by December 29, 2008, should immediately boost earnings, Avnet said. (Reporting by Jessica Hall; Editing by Kazunori Takada) (For more M&A news and our DealZone blog, go to here)