![]() ![]() Through the conversations that we’ve had, we realized the combination of these two companies could really deliver a lot of value. “We’re both always evaluating opportunities for growth in our businesses and enhancing the way we deliver value to our customers and vendors and colleagues and investors. ![]() “We’ve had conversations over the past few months,” Synnex CEO Dennis Polk said in a conference call with investors Monday morning. When the deal is finalized later this year, Synnex shareholders will own 55 percent of the company, Apollo 45 percent - effectively bringing what was once one of Tampa Bay’s largest public companies back to Wall Street. The agreement comes months after Tech Data completed its $6 billion sale to New York private equity firm Apollo Global Management. in a deal estimated to be worth $7.2 billion. ![]() The Largo technology distribution company on Monday announced an agreement to merge with Fremont, Calif.’s Synnex Corp. Net optimization and synergy benefits of $100 million are expected in the first year achieving a minimum of $200 million by the end of the second year.Less than a year after going private, Tech Data is preparing for a merger. Synnex expects EPS accretion of over 25% in year one, with further accretion expected in year two. and CLEARWATER, Fla., Ma/PRNewswire/ - SYNNEX Corporation (NYSE: SNX) and Tech Data today announced they have entered into a definitive merger agreement under which SYNNEX and Tech Data will combine in a transaction valued at approximately 7.2 billion, including net debt. (Reuters) - IT solutions firm Synnex Corp said on Monday it will merge with peer Tech Data in a deal worth about 7.2 billion, including debt, creating one of the world. In these roles, Rowan and Clayton succeeded Apollo Founder Leon Black. Former SEC Chairman and Apollo's lead independent director Jay Clayton became the Non-Executive Chairman of the board. Why It Matters: Apollo co-founder Marc Rowan became the CEO of Apollo as part of a planned succession process first announced in January 2021. Dennis Polk would be the Executive Chair of the board. Rich Hume would lead the combined company as CEO. Synnex shareholders would own 55% of the combined company, while Apollo Funds will own the remaining 45% under the deal. The combined company would also benefit from significant financial strength to invest in its core growth platform, next-generation cybersecurity, cloud, data, and IoT technologies, which experienced explosive growth due to work from home and return to office trends per Tech Data CEO Rich Hume.Īpollo Funds would receive 44 million shares of Synnex, refinancing of existing Tech Data net debt, and redeemable preferred shares of $2.7 billion under the arrangement. "This transaction allows for accelerated revenue and earnings growth, an expanded global footprint, and the ability to drive significant operating improvements while continuing to create shareholder value," said Synnex CEO Dennis Polk. What Happened: The combined company, with $57 billion in estimated pro forma annual revenues, would provide customers and vendors with expansive reach across products, services, and geographies to fast-track technology adoption. IT solutions firm Synnex Corp (NYSE: SNX) and IT distribution company Tech Data, owned by funds affiliated to Apollo Global Management Inc (NYSE: APO), inked a merger agreement to combine under a $7.2 billion deal. ![]()
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