Tech Data completes $8B merger with Synnex
By MYBRANDBOOK
Tech Data, headquartered in the Tampa-St. Pete area, has completed its $8.3 billion merger with Synnex Corp. The combined company will now be known as TD Synnex and led by Tech Data CEO Rich Hume. Tech Data-Synnex is now the No. 1 distributor.
The combination of the two distributors has created a $60 billion behemoth with more than 150,000 customers and 22,000 employees. The combined Synnex -Tech Data become the No.1 distributor in the world and Ingram Micro for the first time in at least three decades - will be surpassed to no.2 distributor in the world.
Synnex, with $24.68 billion in gross revenue in 2020, competes for many of the same customers as Tech Data. The combined revenue of Synnex/Tech Data is nearly $11 billion larger than Irvine, Calif.-based Ingram Micro, which had $49.1 billion in sales in fiscal year 2020.
Dennis Polk, CEO of Synnex, will move to Executive Chair of the TD Synnex Board of Directors.The acquisition by California-based Synnex Corp. (NYSE: SNX) was first announced in March and was originally valued at $7.2 billion.
“As a versatile distributor and solutions aggregator for the IT ecosystem, we’re strengthening our entire portfolio of solutions and raising the bar on the value we deliver to customers and vendors with exceptional reach, efficiency and expertise,” Hume said in the company’s Wednesday announcement.
Under the terms of the merger agreement, Apollo Funds received an aggregate 44 million shares of common stock, net $1.1 billion in cash after giving effect to a $500 million equity contribution by Apollo and the refinancing of Tech Data net debt. Apollo now owns approximately 45% of TD Synnex.
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