{"id":117963,"date":"2021-03-22T13:56:31","date_gmt":"2021-03-22T13:56:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=117963"},"modified":"2021-03-22T13:56:31","modified_gmt":"2021-03-22T13:56:31","slug":"synnex-corp-to-merge-with-tech-data-in-7-2-billion-deal","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/synnex-corp-to-merge-with-tech-data-in-7-2-billion-deal\/","title":{"rendered":"Synnex Corp to merge with Tech Data in $7.2 billion deal"},"content":{"rendered":"
(Reuters) – IT solutions firm Synnex Corp said on Monday that it will merge with peer Tech Data, owned by funds affiliated to Apollo Global Management, in a deal worth about $7.2 billion, including debt.<\/p>\n
Shares of Synnex jumped over 11% in premarket trade.<\/p>\n
Apollo Funds will receive 44 million shares of Synnex common stock and the refinancing of existing Tech Data net debt and redeemable preferred shares of about $2.7 billion.<\/p>\n
Upon closing of the deal, expected in the second half of 2021, Synnex shareholders will own about 55% of the combined company, while Apollo Funds will own about 45%.<\/p>\n
Tech Data was taken private by Apollo Global Management in 2020 in a deal valued at about $6 billion.<\/p>\n
Synnex earlier separated into two publicly listed companies, Synnex Technology Solutions and Concentrix.<\/p>\n