MELVILLE, NY -- Arrow Electronics will buy fellow semiconductor distributor Nu Horizons Electronics in a cash deal valued at nearly $130 million.

Under terms of the agreement, Arrow will pay $7 per share in cash for Nu Horizon, pending approval from Nu Horizon shareholders. The transaction is expected to close in the fourth quarter.

"This acquisition builds on our strategy to expand our global capabilities, especially in the fast-growing Asia-Pacific region," Arrow Chairman and CEO Michael J. Long said in a statement.

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