Apollo Global Management to buy Tech Data in $5.4bn deal
Tech Data has agreed to be bought by private equity firm Apollo Global Management in a $5.4bn deal.
Tech Data Corp.
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14:25 11/03/24
Under the terms of the deal, shareholders of IT equipment distributor Tech Data will receive $130 per share in cash.
Tech Data chief executive officer Rich Hume said: "This agreement reflects the significant progress we have made in our strategy of delivering higher value and positions us for continued growth and success.
"This investment by funds managed by one of the world’s leading global alternative investment managers will afford us additional resources to accelerate our ability to bring to market the technology products and solutions the world needs to connect, grow and advance. The transaction will enable us to build on our success, making Tech Data a growth platform and enabling us to further differentiate and expand our end-to-end solutions and provide our channel partners with unparalleled reach, efficiency and expertise."
Following completion of the deal, which is expected in the first half of next year, Hume will continue to lead Tech Data as CEO and the privately-held company will be headquartered in Clearwater, Florida.
Tech Data said it will solicit alternative acquisition proposals from third-parties during a "go-shop" period until 9 December as part of the agreement. There is no guarantee that this process will result in a superior proposal, it added.