Are you listening, Mr Trump? World's largest tech distie is now owned by the Chinese
Delayed transaction of US-HQ'd Ingram Micro gets regulatory approval
The world's largest tech distributor is now privately owned by the Chinese: shipping titan Tianjin Tianhai has coughed a whopping $6bn to take over US-based Ingram Micro.
The transaction, made public in February, was held up earlier in the year after the Shanghai Stock Exchange sought answers over financial implications for the buyer and Ingram's run of weaker financial results in 2016.
A stamp of approval from China's State Administration of Foreign Exchange was also required but the companies confirmed last night they had received "all regulatory clearances".
"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 Ingram CEO Alain Monié in a prepared remark.
The distributor's headquarters will remain in California and the current chief exec will remain on board, for the time being at least.
Adam Tan, vice-chairman and CEO at conglomerate HNA Group, the owner of the Tianjin Tianhai, said in a statement that it will use Ingram's global logistics and expand its "delivery platform and portfolio".
The distributor's shares – sold to Tianjin Tianhai for $38.90 apiece – are no longer traded on the New York Stock Exchange. ®