(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.
Shares of Synnex jumped over 11% in premarket trade.
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.
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%.
Tech Data was taken private by Apollo Global Management in 2020 in a deal valued at about $6 billion.
Synnex earlier separated into two publicly listed companies, Synnex Technology Solutions and Concentrix.
Reporting by Chavi Mehta and Akanksha Rana in Bengaluru; Editing by Shailesh Kuber
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March 22, 2021 at 07:03PM
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Synnex Corp to merge with Tech Data in $7.2 billion deal - Reuters
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