PC Connection buys MoreDirect

Mar 26, 2002 10:30 PM  By

Computer reseller PC Connection has acquired $219 million MoreDirect, a Boca Raton, FL-based e-procurement supplier of IT products to businesses and the government. The transaction is expected to close within 30 days. PC Connection will pay MoreDirect shareholders approximately $21 million in cash at the closing. MoreDirect will operate as a wholly owned subsidiary of PC Connection and will keep its name.

Merrimack, NH-based PC Connection also announced that it is projecting first-quarter net sales of $235 million-$240 million. The cataloger expects to report a loss for the quarter, before special charges, of $0.04-$0.06 per share. PC Connection will report quarterly financial results the week of April 15.