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09 December 2020 16:32

Deutsche Bank NYSE:DB Finance

hna technology

Platinum Equity To Acquire Ingram Micro For $7.2 Billion

Founded in 1979 and headquartered in Irvine, California, Ingram Micro is an integral part of the technology and commerce ecosystems, helping its partners maximize the value of the technology that they make, sell or use. With more than 35,000 employees and operations in 60 countries, the company serves more than 250,000 customers and partners with over 2,000 vendors, including the world's best-known technology companies. Through its vast global infrastructure and focus on cloud, mobility, technology lifecycle, supply chain and technology solutions, Ingram Micro enables business partners to operate more efficiently and successfully in the markets they serve. "We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade," said Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity's recent investment in Vertiv. Upon closing, Alain Monié will continue to lead Ingram Micro as Chief Executive Officer, and the company will continue to be headquartered in Irvine, California.

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"Platinum's sector expertise, global operating capabilities and financial resources make it the ideal partner," said Mr. Monié. "We are pleased to have reached an agreement that delivers a strong return on HNA's investment while ensuring that Ingram Micro has a partner committed to investing in its future growth," said President of HNA Group North America Wang Duan. "Ingram Micro's scale, diverse customer and vendor relationships and track record for innovation, create the perfect platform for us to help accelerate growth, both organically and through additional M&A," said Platinum Equity Managing Director Matthew Louie. "It also provides exciting opportunities in one of the fastest-growing sectors in technology as corporations continue to migrate to cloud or hybrid solutions." Morgan Stanley & Co. LLC and Goldman Sachs & Co. are acting as financial advisors, and Morgan Lewis as legal counsel, to Platinum Equity on the acquisition of Ingram Micro. Davis Polk is providing legal counsel to HNA Technology on the sale of Ingram Micro and J.P. Morgan is acting as financial advisor in connection with the transaction.

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Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Deep expertise in technology solutions, mobility, cloud, and supply chain solutions enables its business partners to operate efficiently and successfully in the markets they serve. More at www.ingrammicro.com. / "Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio," said Platinum Equity chairman and CEO Tom Gores.

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"We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation." Jacob Kotzubei, partner at Platinum Equity, added: "We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade. "Platinum's sector expertise, global operating capabilities and financial resources make it the ideal partner," stated Monié. "Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. Wang Duan, president of HNA Group North America, added:"We are pleased to have reached an agreement that delivers a strong return on HNA's investment while ensuring that Ingram Micro has a partner committed to investing in its future growth. "We wish Alain and his team well and are confident that Ingram Micro will continue to succeed in this exciting new phase of growth and development under Platinum's ownership." Platinum Equity reported entry into a definitive agreement to acquire Ingram Micro Inc. in a transaction value at USD 7.2 Billion.

Ingram Micro helps its partners maximize value of technology and commerce ecosystems as the company generated over USD 47 Billion in revenue for fiscal year 2019. "Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio," said Platinum Equity Chairman and CEO Tom Gores. "We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation." "We know Ingram Micro and the industry very well and have been investors in the technology and IT distribution and solutions sectors for more than a decade," said Platinum Equity Partner Jacob Kotzubei, whose team has led multiple technology transactions, including Platinum Equity's recent investment in Vertiv. We will work closely with the Ingram Micro leadership team to sustain that momentum and build on the company's success." "Platinum's sector expertise, global operating capabilities and financial resources make it the ideal partner," said Mr. Monié. "Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high value markets. Ingram Micro ownership is returning stateside with an announcement Wednesday that the company will be purchased by Los Angeles-based private equity firm Platinum Equity Partners for $7.2 billion. Platinum Equity Partners, which was founded by Chairman and CEO Tom Gores in 1995, has $23 billion in assets under management. As a partner of Ingram, I applaud the growth that they have achieved and welcome the comments by [Ingram Micro CEO] Alain Monié and Tom Gores focused on making Ingram even stronger." "Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio," said Gores."We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation." Monié will remain Ingram Micro's CEO, and the company will continue to be based in Irvine, Calif., according to Platinum Equity Partners. "Platinum's sector expertise, global operating capabilities and financial resources make it the ideal partner," Monié said in a statement."Teaming with Platinum provides an opportunity to further strengthen our competitive advantage in the cloud, speed our digital transformation and accelerate the expansion of our solutions and services portfolio, particularly for high-value markets. HNA has been a good partner for Ingram Micro, enabling us to continue to innovate and expand our global businesses.