We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 - 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today!


(Reuters) — IT solutions firm Synnex 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.

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn more about membership.

Author
Topics