SYNNEX Corporation Announces Definitive Agreement to Acquire Leading Video Game Distributor, Jack of All Games, Inc.

SYNNEX Corporation (NYSE:SNX), a leading business process services company, announced today it has entered into a definitive agreement to acquire substantially all of the North American assets of Jack of All Games, Inc. a wholly-owned subsidiary of Take-Two Interactive Software, Inc. (NASDAQ: TTWO).

The acquisition of Jack of All Games provides SYNNEX with an established distribution footprint in video game hardware and software, a $20 billion segment in the consumer electronics industry. SYNNEX will retain the distribution rights for game consoles, video games, PC software, and accessories from elite video game manufacturers and publishers including Activision Blizzard, Electronic Arts, Microsoft, Nintendo, Sony, and Take-Two.

"Jack of All Games is a well-respected leader in this space. We are excited about the growth opportunities this acquisition brings, and the value we will create for our customers and vendors as we capture synergies with our core distribution business, particularly through our 2008 acquisition of New Age Electronics,” said Kevin Murai, President and Chief Executive Officer of SYNNEX Corporation. "Through this acquisition, SYNNEX will have a meaningful distribution presence in the video game market which extends our portfolio in the lifestyle segment. We anticipate the Jack of All Games business to be near-term accretive to our earnings. This business is also in alignment with our stringent ROIC growth targets.”

In addition to the acquisition of Jack of All Games assets, SYNNEX will add approximately 200 employees throughout the United States and Canada.

Jack of All Games is headquartered in West Chester, Ohio.

Pursuant to the asset purchase agreement, SYNNEX will pay a purchase price of up to $43.25 million in cash. This includes approximately $6.75 million in deferred payments, generally payable six months after the close and subject to certain post-closing conditions. The transaction, which is subject to normal regulatory and other approvals, is expected to close in the March 2010 timeframe.

For the twelve months ended October 31, 2009, Jack of All Games revenue was approximately $282 million.

Additional details regarding this acquisition will be discussed during the Company’s fiscal fourth quarter 2009 earnings conference call to be held on January 5, 2010.

About SYNNEX

SYNNEX Corporation, a Fortune 500 corporation, is a leading business process services company, servicing resellers and original equipment manufacturers in multiple regions around the world. The Company provides services in IT distribution, supply chain management, contract assembly and global business services. Founded in 1980, SYNNEX employs over 7,000 associates worldwide and operates in the United States, Canada, China, Japan, Mexico, the Philippines and the United Kingdom. Additional information about SYNNEX may be found online at www.synnex.com.

Statements in this press release regarding SYNNEX Corporation which are not historical facts are "forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms such as believe, expect, may, will, could and should and the negative of these terms or other similar expressions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements, including statements regarding SYNNEX’s expansion into the video game market, retention of distribution rights with manufacturers and publishers, expectations as to the acquisition being accretive to earnings, expectations of growth in ROIC, expectations of increased value and accelerated growth, any synergies associated with the business combination, the ability to successfully integrate Jack of All Games, expectations as to the closing date of the transaction, the impact of competition and changes in technology, changes in SYNNEX's business plans and other risks detailed from time to time in SYNNEX’s SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended August 31, 2009. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this press release will occur. Statements included in this press release are based upon information known to SYNNEX Corporation and Jack of All Games as of the date of this release, and SYNNEX Corporation and Jack of All Games assume no obligation to update information contained in this press release.

Copyright 2009 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, New Age Electronics and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.

Source: SYNNEX Corporation – SNX-F