Platinum Equity announced that it has entered into a definitive agreement to acquire Ingram Micro Inc., the world’s largest provider of technology logistics services and solutions, from HNA Technology Co., Ltd, a part of HNA Group, in a transaction valued at $7.2 billion. The sale is expected to be completed by the first half of 2021, subject to HNA Technology shareholder and customary regulatory approvals.
Founded in 1979 and headquartered in Irvine, California, Ingram Micro generated more than $47 billion in revenue for fiscal year 2019.
With more than 35,000 employees and operations in 60 countries, the company serves more than 250,000 customers and partners with over 2,000 vendors, including the world’s best-known technology companies. Through its global infrastructure and focus on cloud, mobility, technology lifecycle, supply chain and technology solutions, Ingram Micro enables business partners to operate more efficiently and successfully in the markets they serve.
Upon closing, Alain Monié will continue to lead Ingram Micro as Chief Executive Officer, and the company will continue to be headquartered in Irvine, California.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. are acting as financial advisors, 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.
Davis Polk is providing legal counsel to HNA Technology on the sale of Ingram Micro and J.P. Morgan is acting as financial advisor in connection with the transaction.