The deal between the two companies was expected to close earlier this summer
Ingram Micro is still confident its £4.6 billion merger with Chinese investment company Tianjin Tianhai will be successful despite an extension to the initial completion date.
The deal first announced in February this year will see Ingram become part of HNA Group, Tianjin Tianhai’s largest shareholder. It was initially expected to close earlier this summer, but the deadline has been extended to November 13.
A statement from the distributor read: “Ingram Micro and Tianjin Tianhai continue to expect closing of the transaction to occur in 2016 as previously announced. Upon completion of the transaction, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500.”
Mobile News has contacted Ingram for more information.
If negotiations are successful, Ingram will still be headquartered in California whilst Alain MoniÃ© will remain CEO. There will be no changes to the current workforce or its regional and worldwide operations, whilst Ingram will operate independently from HNA.
Tianjin Tianhai specialises in logistics investment. HNA Group claims to be worth over £69 billion and has operations in aviation, banking, tourism and logistics. Revenue and employment numbers last year totalled £22 billion and 180,000 respectively.