TechData to acquire investment company Apollo Global Management for € 5.4 billion (€ 4.2 billion)
TechData's board of directors recommends that shareholders accept the offer, which represents a premium of 24.5% over the company's share price, and expects the transaction to be completed in the first half.
The operation is not subject to funding and Apollo has indicated that it will provide TechData with the financial and strategic flexibility necessary for its growth. The current CEO, Rich Hume, will remain in the role after its termination and the company will remain in Clearwater, Florida.
Progress
"In our 45 years of existence, Tech Data has become one of the largest and most respected technology distributors in the world," said Hume. "This agreement reflects the significant progress we have made in our strategy to increase value and position ourselves for continued growth and success."
"This fund investment managed by one of the world's leading alternative investment managers will provide us with additional resources to accelerate our ability to bring the technology products and solutions the world needs to connect, grow and grow."
"The transaction will allow us to build on our success by making Tech Data a platform for growth, allowing us to further differentiate and expand our end-to-end solutions, and provide our distribution partners with an unmatched range of expertise, efficiencies and expertise.
TechData has a strong presence in the UK, claiming to offer end-to-end technology services and expertise to clients. The company has been named Mobile Distributor of the Year at the 2019 Mobile Industry Awards and its Tech-as-a-Service product, which brings together hardware, software and services in a single subscription, has been named Best Service and Business Solution.