China's HNA Group to buy Ingram Micro for US$6b

[BENGALURU] Chinese aviation and shipping conglomerate HNA Group is buying electronics distributor Ingram Micro Inc for about US$6 billion.

The offer of US$38.90 per share from HNA unit Tianjin Tianhai Investment Co Ltd represents a 31.2 per cent premium to Ingram's closing price on Wednesday.

Ingram Micro's shares were trading at US$36.40 in after-hours trading.

HNA Group, the owner of China's Hainan Airlines, is the largest stockholder in Tianjin Tianhai.

Irving, California-based Ingram Micro is a wholesale technology product distributor, marketing products from companies such as Apple and Cisco. "The addition of Ingram Micro would help the logistics sector of HNA Group transform from a logistics operator to a supply chain operator," Adam Tan, chief executive of HNA Group said in a statement.

REUTERS