Ingram Micro acquired by Chinese buyer for US$6bn

Ingram Micro, the world's biggest IT distributor, is being acquired by China's Tianjin Tianhai in a deal valued at US$6 billion.

Upon closure of the US$38.90 per share deal, Ingram will become part of HNA Group, a Fortune Global 500 enterprise group headquartered in the province of Hainan with interests in aviation – including China's Hainan Airlines – tourism and logistics and the largest stockholder of Tianjin Tianhai.

The deal will give Ingram access to HNA Group's global logistics capabilities as well as opening up the lucrative Chinese market.

The transaction has the unanimous support of the boards of both Ingram Micro's and Tianjin Tianhai, according to a company statement. The value represents a 39 percent premium over Ingram Micro's average closing share price for the 30 trading days ended 16 February 2016.

Ingram Micro CEO Alain Monié said: "Our agreement to join HNA Group delivers near-term and compelling cash value to our stockholders and we expect it to provide exciting new opportunities for our vendors, customers and associates.

"As a part of HNA Group, we will have the ability to accelerate strategic investment, as we continue to capitalise on the constant evolution of technology and emerging trends by adding expertise, capabilities and geographic reach.

"Additionally, Ingram Micro will now be part of a larger organisation that has complementary logistics capabilities and a strong presence in China that can further support the growth and profitability objectives of our vendor and customer partners," said Monié.

The transaction remains subject to regulatory approvals, and awaits approval of Ingram Micro's and Tianjin Tianhai's stockholders and the satisfaction of other customary closing conditions.

HNA Group chief executive Adam Tan said: "We look forward to supporting Ingram Micro's management team and strategies, including continued expansion into new geographies, while also offering their vendor and customer partners access to new and complementary offerings.

"We share Ingram Micro's commitment to integrity, innovation and performance and we are confident this transaction will enable Ingram Micro to continue to distinguish itself in the marketplace and meet the needs of its vendor and customer partners better than ever before," added Tan.

Ingram Micro is no stranger to M&A activity. It became the largest distie in Australia in 2004 when it acquired Tech Pacific for A$700 million. Earlier this month, Ingram Micro acquired local distributor Connector Systems.