Committee on Foreign Investment in the United States will have the final say
Ingram Micro has put back the date it expects its Chinese takeover to be completed after regulatory demands.
The “end date by which the acquisition of Ingram Micro by Tianjin Tianhai Investment Company must be completed has been extended to 13 November 2016”, said the global distributor.
It added: “The extension was made pursuant to the merger agreement among Ingram Micro, Tianjin Tianhai and GCL Acquisition, and will allow for completion of the previously announced review of the transaction by the Committee on Foreign Investment in the United States (CFIUS).”
Ingram Micro and Tianjin Tianhai “continue to expect closing of the transaction to occur in 2016 as previously announced” said Ingram – assuming CFIUS doesn’t object to such a major US company falling into the hands of a Chinese owner.
Upon completion of the transaction, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 company.