China's HNA in talks to sell Ingram Micro to Apollo Global: source
Reuters
Published Dec 21, 2018 05:13PM ET
China's HNA in talks to sell Ingram Micro to Apollo Global: source
By Greg Roumeliotis
(Reuters) - HNA Group Co [HNAIRC.UL] is in talks to sell Ingram Micro Inc to private equity firm Apollo Global Management Llc (N:APO), a source familiar with the matter said on Friday, as the Chinese conglomerate continues to scale back operations.
HNA hopes to sell the U.S. electronics distributor for $7.5 billion, including $1.5 billion in debt, the source said, adding that it is currently in talks with Apollo after rebuffing an earlier offer that it considered too low.
HNA has already pushed ahead with asset sales that have so far included real estate and stakes in hotels groups.
Apollo declined to comment and Ingram was not immediately available for comment. HNA was not available for comment outside normal business hours in China.
The Wall Street journal first reported https://www.wsj.com/articles/hna-in-talks-to-sell-ingram-micro-to-apollo-global-11545425703?mod=searchresults&page=1&pos=1 the news on Friday.
Earlier this month, Reuters reported that China Development Bank was leading a team to supervise HNA's asset disposals as the heavily indebted conglomerate unwinds a $50 billion acquisition spree and scales back to a point that will leave it holding only core assets.
Bad debt managers China Cinda Asset Management Co (HK:1359) advised HNA and has been involved in talks with potential buyers for Ingram, which HNA bought for $6 billion in 2016, Reuters reported in November.
HNA Technology Co (SS:600751), which owns Ingram, said in September it had $3.55 billion of outstanding debt from the purchase of the firm, of which $350 million was due for payment this year.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.