China's HNA Group to buy Ingram Micro for $6 billion | Reuters

Chinas HNA Group to buy Ingram Micro for  billion
| Reuters

Chinese aviation and shipping conglomerate HNA Group [HNAIRC.UL] is buying electronics distributor Ingram Micro Inc (IM.N) for about $6 billion.

The offer of $38.90 per share from HNA unit Tianjin Tianhai Investment Co Ltd (600751.SS) represents a 31.2 percent premium to Ingram's closing price on Wednesday.

Ingram Micro's shares were trading at $36.40 in after-hours trading.

HNA Group, the owner of China's Hainan Airlines (600221.SS), is the largest stockholder in Tianjin Tianhai.

Irving, California-based Ingram Micro is a wholesale technology product distributor, marketing products from companies such as Apple (AAPL.O) and Cisco (CSCO.O).

"The addition of Ingram Micro would help the logistics sector of HNA Group transform from a logistics operator to a supply chain operator," Adam Tan, chief executive of HNA Group said in a statement.

(Reporting by Sai Sachin R in Bengaluru; Editing by Saumyadeb Chakrabarty)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Feb 18, 2016 04:45:14 IST

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