Ingram Micro and Tianjin Tianhai Investment Company have entered into a definitive merger agreement under which Tianjin Tianhai will acquire Ingram Micro in an all-cash transaction with an equity value of approximately US$6 billion.
Upon close of the merger, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 enterprise group and a leader in aviation, tourism and logistics and the largest stockholder of Tianjin Tianhai. Following the close of the transaction, which is expected in 2H16, Ingram Micro will operate as a subsidiary of Tianjin Tianhai. Ingram Micro is expected to remain headquartered in Irvine, California in US, and Ingram Micro's executive management team will remain in place, with Alain Monié continuing to lead as CEO. All Ingram Micro lines of business and all regional and country operations are expected to continue unaffected.
Adam Tan, Vice Chairman of the Board of Directors and CEO of HNA Group, said, "Ingram Micro has clearly established itself as a leading distributor and global provider of IT products and services. The company has a proven and talented team and we believe Ingram Micro is unrivalled in its ability to offer industry-leading, differentiated and easy-to-manage solutions to vendor and customer partners worldwide. 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."
Tan also noted that Ingram Micro would become the largest member enterprise of HNA Group in terms of revenue, and is expected to facilitate the internationalisation of the group. "Furthermore, the addition of Ingram Micro would help the logistics sector of HNA Group transform from a logistics operator to a supply chain operator, and provide one-stop services while improving efficiencies," he said.
Alain Monié, Ingram Micro CEO, 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. Innovation, new services introduction, brand management and ensuring the stability and continuity of the businesses joining their enterprise are fundamental to HNA Group's overall strategy. 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."
Dale Laurance, Chairman of the Board of Directors of Ingram Micro, said, "HNA Group has a long and successful history of investing in and supporting leading global brands to advance the companies' business objectives. HNA Group has a stated focus to grow globally and to invest further in the operations they acquire. The Board and I are confident that this transaction is in the best interest of our stockholders and that it will create an even stronger partner and value proposition for Ingram Micro's vendors and customers around the world."
The transaction is subject to regulatory approvals in various jurisdictions, as well as the approval of Ingram Micro's and Tianjin Tianhai's stockholders and the satisfaction of other customary closing conditions.
Developed from a local aviation transportation operator to a conglomerate encompassing core divisions of aviation, holdings, capital, tourism and logistics, HNA Group's business outreach has expanded from Hainan Island to the globe. It has 11 listed companies. In 2015, HNA Group had revenues of US$29 billion and nearly 180,000 employees worldwide.
Upon close of the merger, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 enterprise group and a leader in aviation, tourism and logistics and the largest stockholder of Tianjin Tianhai. Following the close of the transaction, which is expected in 2H16, Ingram Micro will operate as a subsidiary of Tianjin Tianhai. Ingram Micro is expected to remain headquartered in Irvine, California in US, and Ingram Micro's executive management team will remain in place, with Alain Monié continuing to lead as CEO. All Ingram Micro lines of business and all regional and country operations are expected to continue unaffected.
Adam Tan, Vice Chairman of the Board of Directors and CEO of HNA Group, said, "Ingram Micro has clearly established itself as a leading distributor and global provider of IT products and services. The company has a proven and talented team and we believe Ingram Micro is unrivalled in its ability to offer industry-leading, differentiated and easy-to-manage solutions to vendor and customer partners worldwide. 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."
Tan also noted that Ingram Micro would become the largest member enterprise of HNA Group in terms of revenue, and is expected to facilitate the internationalisation of the group. "Furthermore, the addition of Ingram Micro would help the logistics sector of HNA Group transform from a logistics operator to a supply chain operator, and provide one-stop services while improving efficiencies," he said.
Alain Monié, Ingram Micro CEO, 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. Innovation, new services introduction, brand management and ensuring the stability and continuity of the businesses joining their enterprise are fundamental to HNA Group's overall strategy. 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."
Dale Laurance, Chairman of the Board of Directors of Ingram Micro, said, "HNA Group has a long and successful history of investing in and supporting leading global brands to advance the companies' business objectives. HNA Group has a stated focus to grow globally and to invest further in the operations they acquire. The Board and I are confident that this transaction is in the best interest of our stockholders and that it will create an even stronger partner and value proposition for Ingram Micro's vendors and customers around the world."
The transaction is subject to regulatory approvals in various jurisdictions, as well as the approval of Ingram Micro's and Tianjin Tianhai's stockholders and the satisfaction of other customary closing conditions.
Developed from a local aviation transportation operator to a conglomerate encompassing core divisions of aviation, holdings, capital, tourism and logistics, HNA Group's business outreach has expanded from Hainan Island to the globe. It has 11 listed companies. In 2015, HNA Group had revenues of US$29 billion and nearly 180,000 employees worldwide.
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