Mumbai: China’s HNA Technology, which owns the California based Ingram Micro is in talks to sell the largest technology products distribution company for $7.5 billion, according to a report published in The Wall Street Journal.
Apollo Global Management – an American public equity firm, the report said in talks with the HNA Group,which had acquired Ingram Micro through an associate company Tianhai Investment, in an all-cash transaction with an equity value of approximately $6 billion in December 2016.
The Shanghai stock exchange listed HNA Technology said that its decision is based on the changes in market conditions and its strategy, which hints company’s plan to trim operations through the sell-off.
“Due to changes in market conditions and the company’s strategy, the company is in talks with a concerned party on selling Ingram Micro,” the company stated in the exchange filing, Reuters reported.
The talks between HNA Technology and Apollo Global Management are still underway and its outcome is yet to be known. But certainly the decision will impact Ingram Micro’s global distribution business and its partners, retailers and distributors.