American private equity investment firm Platinum Equity today announced that it’s acquiring HNA Group’s Ingram Micro in a $7.2 billion deal.
With the sale expected to be completed in 2021, Platinum Equity says it will work closely with the Ingram Micro leadership team to sustain the company’s ability to thrive while continuing to navigate these fluid and challenging times and build on the company’s success. This acquisition provides Platinum Equity with several opportunities in one of the fastest-growing sectors in technology as corporations continue to migrate to cloud or hybrid solutions, says Matthew Louie, managing director of Platinum Equity.
Alain Monié will continue to lead Ingram Micro as chief executive officer upon closing, and the company will continue to be headquartered in Irvine, California, the company noted in the Dec. 9 announcement.
“We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation,” said Tom Gores, Platinum Equity chairman and chief executive officer.
Ingram Micro was acquired by the China-based marine shipping service provider – HNA Technology – in a $6 billion worth of all-cash deal in 2016. HNA Technology said in an exchange filing earlier this month that it’s in talks with banks about the payment of $1.35 billion in loans tied to this acquisition and are past due. The company hasn’t paid off any of them, which are part of a $4 billion syndicated loan that the company had used to finance the acquisition.