Platinum Equity Makes One of its Biggest Deals Ever
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HNA Group Co. will sell
Ingram Micro Inc. for about $7.2 billion, representing the biggest asset sale for a company that had one of the biggest corporate downfalls in Chinese history.
Private equity firm
Platinum Equity signed a definitive agreement to acquire the closely held technology distribution company from a Shanghai-listed HNA unit, according to a Wednesday statement that confirmed an earlier Bloomberg News report. The sale is expected to be completed by the first half of 2021.
For HNA, which is now effectively controlled by the Hainan provincial government, the deal represents the biggest transaction in a deleveraging campaign that began about three years ago and resulted in tens of billions of dollars worth of asset sales. The Chinese conglomerate bought Ingram Micro in 2016 at a time it was paying top dollar for everything from ultra-luxury real estate to top shareholdings in firms such as