The deal to buy the world’s largest technology distributor is worth $7.2 Billion.
Platinum Equity announced this week that it has entered into a definitive agreement to acquire Ingram Micro. The latter is the world’s largest provider of technology logistics services and solutions.
Ingram Micro will be leaving HNA Technology Co., Ltd, a part of HNA Group. The transaction, according to the companies involved, is valued at $7.2 billion.
Ingram Micro has 35,000 employees and operations in 60 countries. The company serves more than 250,000 customers and partners with over 2,000 vendors, including the world’s best-known technology companies.
Deal will help Ingram Micro expand, transform
“Ingram Micro is an industry leader and one of the largest companies in the world,” said Platinum Equity Chairman and CEO Tom Gores. He added that the company will be a cornerstone investment in Platinum’s portfolio. “We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”
Alain Monié will continue as CEO of Ingram Micro, and the company will maintain its HQ in Irvine, California.
“Platinum’s sector expertise, global operating capabilities and financial resources make it the ideal partner,” said Mr. Monié. “Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation.”
He added that the deal will accelerate the expansion of their solutions and services portfolio, especially for high value markets.
The deal will allow Ingram Micro to broaden their geographic reach and penetrate new industries and verticals, he added. “HNA has been a good partner for Ingram Micro, enabling us to continue to innovate and expand our global businesses. We look forward to the opportunity to accelerate this trajectory with Platinum.”
“We are pleased to have reached an agreement that delivers a strong return on HNA’s investment while ensuring that Ingram Micro has a partner committed to investing in its future growth,” said President of HNA Group North America Wang Duan.
The sale should conclude by the first half of 2021, subject to HNA Technology shareholder and customary regulatory approvals.