Synnex Announces Large Controlling Interest In Marubeni Infotec Corporation

Synnex SNX recently announced its intention to acquire an 80% controlling interest in Marubeni Infotec Corporation. Marubeni is the third largest broadline IT distributor of IT equipment, electronic components and software in Japan. Brean Murray Carret & Co believe that the acquisition adds at least $.20-$.30 to the 2012 EPS and will liekly be neutral to 2011 EPS. It views the acquisition similar to other acquisitions SNX has done in the past such as RGC and New Age, in which SNX pays a very attractive valuation and then drive significant efficiencies . Brean Murray Carret & Co has a Buy rating and $38 PT on SNX SNX is trading lower at $28.79