Platinum Equity is going to acquire Ingram Micro, world’s topnotch IT distribution company, for $7.2 Billion
In a significant development, Platinum Equity, an investment firm, has announced that it intends to acquire Ingram Micro, world’s largest IT distributor, for $7.2 Billion. The acquisition is expected to be completed by the first half of the new year, subject to owner HNA Technology’s shareholder approval as well as the usual regulatory checks and go-aheads.
Tom Gores, Platinum Equity Chairman & CEO, said, “Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio”.
“Ingram Micro’s scale, diverse customer and vendor relationships and track record for innovation create the perfect platform for us to help accelerate growth, both organically and through additional M&A,” said Platinum Equity Managing Director, Matthew Louie.
Jacob Kotzubei, Platinum Equity Partner, said, “We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade”.
Alain Monié, CEO, Ingram Micro, said , “Platinum’s sector expertise, global operating capabilities and financial resources make it the ideal partner”. “Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. We’ll also be able to broaden our geographic reach even faster, while penetrating new industries and verticals. We’ll maintain a strong balance sheet and will gain additional flexibility and resources to execute on our long-term strategic objectives. 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”, elaborated Monié.
Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. We will also be able to broaden our geographic reach even faster, while penetrating new industries and verticals. We will maintain a strong balance sheet and will gain additional flexibility and resources to execute on our long-term strategic objectives. 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.
Alain Monié
CEO
Ingram Micro
Starting in 1979 and based in Irvine, California, Ingram Micro is a specialist in helping its partners to leverage the value of the technology that they manufacture, sell or employ. Over 35,000 employees operate in 60 countries, serving in excess of 250,000 customers and partners with more than 2,000 vendors, the vendors distributed include household names in technology, around the world. Ingram Micro’s vast global infrastructure with its focus on cloud, mobility, and more, empowers its business partners to operate efficiently in global markets.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. are acting as financial advisers, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition of Ingram Micro. Willkie Farr & Gallagher LLP is providing financing legal counsel, and debt financing commitments have been obtained from J.P. Morgan, Bank of America and Morgan Stanley Senior Funding, Inc.
Qaisar
