Business

Synnex Corp deal worth $7.2 billion to merge with Tech Data

By Sarah Abraham

Synnex Corp, an IT solutions firm said on Monday that it will merge with peer Tech Data which is owned by funds affiliated to Apollo Global Management in a deal including debt worth about $7.2 billion.

In premarket trade, Synnex shares jumped over 11%.

Synnex’s common stock of 44 million shares will be received by Apollo Funds along with refinancing of existing Tech Data net debt and redeemable preferred shares of about $2.7 billion.

Synnex shareholders will own about 55% of the combined company on the closing of the deal that is expected in the second half of 2021, while Apollo Funds will own about 45%.

In a deal valued at about $6 billion, Tech Data was privatized by Apollo Global Management in 2020.

Synnex Technology Solutions and Concentrix were the two publicly listed companies Synnex was earlier separated into.

Tags: $7.2 billion Apollo Global Management Synnex Corp Tech Data

Sarah Abraham

Sarah Abraham is a graduate in Journalism - Mass Media. A media enthusiast who has a stronghold on communication and content writing. She is committed to high-quality research and writing. Sarah is currently working as an aspiring journalist at USAnewshour.com and can be reached at sarahabrahamk1011@gmail.com.