Platinum Equity, LLC entered into a definitive agreement to acquire Ingram Micro Inc. from HNA Technology Co.,Ltd. in a transaction valued at $7.2 billion.
December 09, 2020
Share
Platinum Equity, LLC entered into a definitive agreement to acquire Ingram Micro Inc. from HNA Technology Co.,Ltd. (SHSE:600751) in a transaction valued at $7.2 billion on December 9, 2020. The debt financing commitments have been obtained from J.P. Morgan, Bank of America and Morgan Stanley Senior Funding, Inc. Platinum Equity, LLC will use Ingram Micro Inc. as platform for growth through additional M&A. Upon closing, Alain Monié will continue to lead Ingram Micro as Chief Executive Officer, and Ingram Micro will continue to be headquartered in Irvine, California. The transaction is subject to approval by shareholders of HNA Technology and customary regulatory approvals. Platinum Equity has filed the agreement for approval in the European Commission on February 23, 2021 with provisional deadline for a ruling on the transaction set as March 30, 2021. The transaction has been approved by The European Commission on March 19, 2021. As of May 7, 2021, Competition Commission of India cleared the transaction. The transaction is expected to be completed by the first half of 2021. As of April 14, 2021, the transaction is expected to be completed at the end of the 2021 second quarter.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. acted as financial advisors, and Morgan, Lewis & Bockius LLP acted as legal advisor to Platinum Equity. Willkie Farr & Gallagher LLP acted as financing legal counsel to Platinum Equity. Alan F. Denenberg, Stephen Salmon, Howard Zhang, Michael Zhuoran Xu., David H. Schnabel and Nicholas Spearing of Davis Polk acted as legal advisors and JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to HNA Technology. Cristopher Greer, Joshua Deason and Daniel Durschlag of Willkie Farr & Gallagher LLP acted as legal advisors to Platinum Equity, LLC in the deal. Samir Gandhi and Aditi Gopalakrishnan of AZB & Partners acted as legal advisor to Platinum Equity Group. Caner Elmas, Keith Jones and Sarwenaz Kiani of Baker McKenzie acted as legal advisor to Platinum equity.
HNA Technology Co.,Ltd, formerly Tianjin Tianhai Investment Co., Ltd. and TIANJIN MARINE SHIPPING CO., LTD., is principally engaged in sales of electronic products. The Company mainly has two business segments. The Sales of Electronic Products Business segment is engaged in sales of electronic products, information technology products and others. The Shipping and Merchandise Trade Business segment is engaged in international and domestic shipping container transportation and related business such as International liner cargo shipping routes and domestic trade routes to Yingkou, Qingdao, Rizhao and Longkou, with Quanzhou and Shantou as the base ports. The Company is also engaged in the provision of ship chartering service, shipping agency and labor dispatching service.
Platinum Equity, LLC entered into a definitive agreement to acquire Ingram Micro Inc. from HNA Technology Co.,Ltd. in a transaction valued at $7.2 billion.