Raspberry Pi maker Premier Farnell has agreed a sale to Swiss electronics firm Datwyler for a cool £615m.
"The board of Premier Farnell has announced today that it has reached agreement with the board of Datwyler Holding Inc on the terms of a recommended offer by a wholly-owned subsidiary of Datwyler to acquire the entire issued and to be issued share capital of Premier Farnell," said a statement on the firm's website today.
It's not been plain sailing for Premier Farnell, which was founded in Leeds in 1939, for most of the Raspberry Pi's lifetime. The 2013 decision to bring 100 per cent of Raspberry Pi manufacture to the UK hit supply problems and delayed a demand that at one stage reached 700 of the £20 devices a second.
Premier Farnell announced a profit warning in July 2015, and chucked out CEO Laurence Bain. Apart from the Raspberry Pi, the company has continued to see a slow, but steady, decline in sales.
CEO Jos Opdeweegh added: "The sales trends of 2015/16 continued into the first quarter of this financial year, with strength in continental Europe and Asia Pacific and difficult trading conditions in North America and UK.
"We remain on track to make progress in this financial year, as we increase our operational efficiency and relevance to customers, and we implement the outcomes of our operational review."
Nevertheless, Opdeweegh, who has seen Premier Farnell shares rise by 51 per cent since the announcement late yesterday, explained that he is "pleased" to have reached the Datwyler agreement.
"I believe the combination of the two companies represents a strong strategic fit and is highly attractive for customers, shareholders and colleagues," he said, no doubt before retiring and buying some yachts with an excellent redundancy package.
Equinox's Dave Millett explores how phone, mobile and broadband could be affected by a no-deal Brexit
Dust storm on Titan only the third Solar System body where such storms have been observed
New technique could enable quantum computers to scale-up to millions of qubits
Systrom and Krieger taking time off "to explore our curiosity and creativity"