A PYMNTS Company

US: Ingram buyout clears US antitrust hurdle

By  |  November 2, 2016

The blockbuster $6bn sale of distribution monolith Ingram Micro has been cleared by US antitrust officials, clearing perhaps the most treacherous obstacle standing in the way of the deal’s approval.

The Committee on Foreign Investment in the United States has given the go-ahead to both parties for the sale of the world’s largest IT distributor to Chinese conglomerate Tianjin Tianhai, announced in February.

The transaction was also approved by anti-trust authorities in Austria, Italy, Poland and Slovakia.

The merger’s completion remains subject to approval from China’s State Administration of Foreign Exchange in addition to other customary closing conditions, but Ingram Micro claims that the transaction is still expected to close in 2016.

Ingram’s sale has seen its fair share of bumps in the road during its approval process. A little more than a month after the deal was announced, the broadliner’s shareholders sued Ingram over the “grossly inadequate” sale price, and in July the Shanghai Stock Exchange delayed the transaction’s approval and raised questions about Ingram’s credit rating and finances.

Full Content: Channel Web

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.