TORONTO – Synnex Corp., a multi-city Canadian distributor of consumer electronics products, announced this week that it will buy New Age Electronics for $54.3 million in cash.

The company said that acquiring New Age will solidify Synnex’ base in the CE distribution business by using the former’s the strong portfolio to strengthen its position. In 2006, Synnex spun-off a division called NEXCE.

In a prepared statement, Synnex said the deal “substantially expands Synnex’s existing consumer electronics product offering by adding complementary consumer and retail products from leading consumer electronics manufacturers such as HP, Panasonic, Sharp, Kodak, and Samsung.”

New Age’s “execution in the retail market for consumer electronics distribution,” was a principal factor leading to the acquisition, Synnex said.

New Age had revenues of more than $900 million in the 12 months ended 31 December, 2007.