Apollo Said to Be Interested in Acquiring Tech Data
According to Reuters, private-equity firm Apollo Global Management – once rumored to be considering making a bid for Xerox – has approached Tech Data Corp with an offer to acquire the U.S. information technology equipment distributor for close to $5 billion. Reuters said this information was provided by anonymous sources on Tuesday.
Apollo is said to have offered to pay about $130 per share in cash for Tech Data, one of the sources said. Tech Data shares ended trading on Tuesday at $111.34.
According to Reuters: “There is no certainty that Tech Data will engage in negotiations or that any deal will occur, the sources added, asking not to be identified because the matter is confidential. Apollo declined to comment, while Tech Data did not respond to a request for comment.”
Tech Data is based in Clearwater, Florida, and provides resellers with printers, PCs, networking equipment, consumer electronics, and more
In January 2019, Apollo tried unsuccessfully to acquire U.S. electronics distributor Ingram Micro from China-based HNA Group for some $7.5 million.