EXTON, Pa., July 21 /PRNewswire/ -- Intelligent Electronics, Inc. (NASDAQ:INEL)
announced it has completed the sale of its indirect business, the Reseller Network Division (RND), to Ingram Micro Inc. (NYSE:IM)
, headquartered in Santa Ana, California. The purchase price was $78 million, subject to certain adjustments, payable by assumption of liabilities.
With the completion of this transaction and the sale completed Friday morning July 18, 1997, with GE Capital I.T.S. for the majority of IE's direct computer sales operations (XLSource), IE owns 80% of the outstanding common stock of XLConnect and 100% of the retained sales operations of XLSource located in Cincinnati, Cleveland, Indianapolis and Pittsburgh, which sell directly to businesses nationwide.
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Source: Intelligent Electronics, Inc.
CONTACT: Fran Barsky, Director, Investor Relations of Intelligent
Electronics, 610-458-6668, or e-mail, fbarsky@inel.com