HNA Group completes Ingram Micro acquisition
by Stuart Wilson, Tuesday 6 December 2016
Ingram Micro and HNA Group today announced that they have completed the previously announced deal, under which Tianjin Tianhai, a publicly-traded subsidiary of HNA Group, acquired Ingram Micro for US$38.90 per share in an all-cash transaction with an equity value of approximately US$6 billion.
"The closing of this transaction represents a significant milestone on Ingram Micro’s path to growing our business and providing a full spectrum of global technology and supply chain services to businesses around the world," said Alain Monié, CEO of Ingram Micro. "We are delighted to move forward with this partnership with HNA Group and excited by the opportunity to accelerate the development and delivery of an even stronger value proposition for Ingram Micro’s vendors and customers globally."
Adam Tan, Vice Chairman and CEO of HNA Group, said: "Following the receipt of all regulatory clearances, we are excited to welcome Ingram Micro to the HNA Group family and we look forward to supporting Ingram Micro’s management team and talented associates as they continue to empower their vendor and customer partners to realise the promise of technology, including building on the company’s unparalleled global logistics and supply chain operations."
"With its well-established supply chain management expertise and broad portfolio of easy-to-use technology solutions, Ingram Micro exemplifies HNA Group’s strategy of investing in companies with strong positions in growing markets in our core areas of focus. Working together, we believe there are significant opportunities to continue to expand Ingram Micro’s delivery platform and portfolio of solutions offerings into high growth regions and provide customers across a wide range of industries with greater access to new market opportunities. Today marks a significant step forward in HNA Group’s efforts to create a global, one-stop provider of logistics and supply chain solutions and services," Tan added.
With the completion of the deal, Ingram Micro will cease trading on the New York Stock Exchange (NYSE) before the market opens today. Ingram Micro will remain headquartered in Irvine, California and will continue to be led by CEO Alan Monié.