Pinnacle Data to be Acquired by Arizona Company for $22M

An Arizona electronics hardware distributor has agreed to acquire Central Ohio Pinnacle Data Systems Inc. for $22 million.  Phoenix-based Avnet Inc’s (NYSE: AVT) deal for the Groveport-based electronics repair and refurbishment company is expected to be complete in the next few months, pending Pinnacle shareholders’ approval.

Pinnacle Data (AMEX: PNS) has facilities in Ohio, Singapore and the Netherlands, and had $29 million in revenue last year. 

For full details, see the story in Business First.