Ingram Micro has officially closed its $7.2 billion acquisition by private equity powerhouse Platinum Equity in a blockbuster deal that frees the distributor from financially troubled Chinese conglomerate HNA Group.

The deal–which was expected to be finalized by the second quarter of 2021–took seven months to complete.

Platinum Equity Chairman and CEO Tom Gores said in a prepared statement that Platinum is “excited” to put its “resources and experience to work helping Ingram Micro navigate these especially fluid times.” He said corporate IT priorities are “shifting, ecommerce is thriving, and the pace of digitization continues to accelerate,” which makes Ingram’s technology products,services and adanced solutions “more important than ever.”

Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, said in a prepared statement the Ingram Micro deal is the “culmination of more than a decade investing” in the technology and IT distribution space.“We know the industry well and our team is ready to hit the ground running,” he said.

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Source: CRN

By Joseph F. Kovar and Steven Burke