- U.S. networking supplier to become part of China's HNA Group
- Chinese company trying to expand reach of logistics operations
Ingram Micro Inc., a computer, networking and software distributor, agreed to be acquired by China’s Tianjin Tianhai Investment Co. for $38.90 a share in cash, or an equity value of $6 billion.
Ingram Micro, which also provides technology services, will become part of HNA Group, the largest stockholder of Tianjin Tianhai, the companies said Wednesday in a statement. The deal, representing a 39 percent premium to Ingram Micro’s 30-day average closing stock price, has been approved by both companies’ boards, they said.
The purchase is further evidence of China’s determination to acquire overseas technology assets to boost its domestic capabilities and replace imports. China’s publicly traded firms are in the midst of their biggest-ever international shopping spree. The country’s listed companies have announced $23.8 billion of outbound deals so far this year, according to data compiled by Bloomberg. After just 48 days of 2016, that’s already closing in on the record tally of $25.6 billion announced during the whole of last year.
HNA will keep the U.S. company’s management in place and they will continue to run Ingram from its headquarters in Irvine, California, the companies said. The two sides expect to complete the transaction in the second half of this year.
HNA is a group that has divisions in the aviation, tourism and logistic industries. Its holdings include 11 publicly traded companies. The group had revenue of $29 billion in 2015, according to the statement. Tianjin Tianhai, which is listed on the Shanghai Stock Exchange, is trying to transform itself from a marine shipping company into a more general logistics and supply chain management operation.