Ingram Micro extends Chinese acquisition ‘end date’
The deal recently won full US regulatory approval despite Ingram being seen as a strategic US company
Ingram Micro has extended the “end date” by which it can be acquired by China’s Tianjin Tianhai Investment Company.
The end date has been been put back to 15 December 2016, but that still ties in with the distie’s previous commitment of doing the deed before the end of the year.
Following clearance last week from the Committee on Foreign Investment in the United States (CFIUS) to proceed with the transaction, the extension was made pursuant to an amendment to the merger agreement among Ingram Micro, acquisition vehicle Tianjin Tianhai and GCL Acquisition.
This will allow for the satisfaction of the remaining closing conditions under the merger agreement, including receipt of approval from China’s State Administration of Foreign Exchange (SAFE).
Upon completion of the transaction, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 company, which wants to use Ingram to boost its logistics business reach, as well as expand in the technology distribution business.
@AntonySavvas