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Ingram Micro agrees to be bought by Chinese group for $6 billion

Irvine-based technology products and services company Ingram Micro Inc. has agreed to be acquired by Chinese business group Tianjin Tianhai Investment Co. for about $6 billion.

Upon the close of the deal, which is expected in the second half of the year, Ingram Micro will become part of China-based HNA Group, which runs companies in the aviation, tourism and logistics industries and is the largest stockholder of Tianjin Tianhai.

The cash transaction, which has been unanimously approved by Ingram Micro’s and Tianjin Tianhai’s boards of directors, is for $38.90 per share, representing a premium of about 39% over Ingram’s average closing share price for the 30 trading days ending Feb. 16, according to a news release.

Ingram Micro will operate as a subsidiary of Tianjin Tianhai, though it is expected to remain headquartered in Irvine, according to the release.

Ingram’s executive team will remain, with Alain Monié continuing as chief executive, the release stated. Ingram’s lines of business and regional and national operations are expected to be unaffected.

“Ingram Micro has clearly established itself as a leading distributor and global provider of IT products and services,” Adam Tan, CEO of HNA Group, said in a statement. “We look forward to supporting Ingram Micro’s management team and strategies, including continued expansion into new geographies, while also offering their vendor and customer partners access to new and complementary offerings.”

Monié said in a statement that “our agreement to join HNA Group delivers near-term and compelling cash value to our stockholders, and we expect it to provide exciting new opportunities for our vendors, customers and associates.”

As part of HNA Group, Monié said, Ingram can add expertise, capabilities and geographic reach, especially through the organization’s strong presence in China.

“We are delighted to join forces with HNA Group, a partner who shares our vision for Ingram Micro and is committed to accelerating the growth of our business,” Monié said.

The transaction is subject to regulatory approvals and must be accepted by Ingram Micro’s and Tianjin Tianhai’s stockholders.


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