WASHINGTON (dpa-AFX) - Avnet, Inc. (AVT) announced that it has entered into an agreement to acquire substantially all of the operating assets of Hartford Computer Group, Inc. and its subsidiary Nexicore Services LLC.
Avnet stated that the assets acquired from Nexicore will be deployed in Avnet Integrated Resources, which provides reverse logistics and after-market services to the global technology industry, and Nexicore's approximately 500 employees will be offered positions within Avnet Integrated Resources.
The company said that Nexicore voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Chicago today, December 12, 2011 and will seek Bankruptcy Court approval of the asset sale to Avnet. The sale will be conducted under Section 363 of the U.S. Bankruptcy Code and is expected to be completed in 120 days or less.
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