![]() The converged team will include more than 22,000 employees and partners once the deal is finalized in six to nine months, according to Stegner. "The combined company will also benefit from significant financial strength to invest in its core growth platform as well as next generation cybersecurity, cloud, data, and IoT technologies, which are experiencing explosive growth due to work-from-home and return-to-office trends. “Together, we will be able to offer our customers and vendors exceptional reach, efficiency, and expertise, redefining the experience and value they receive," Hume said in the release. Upon closing of the transaction, Synnex shareholders will own approximately 55% of the combined entity, with Apollo Funds owning approximately 45%. and their co-investors will gain 44 million shares of Synnex common stock, the refinancing of existing Tech Data net debt and redeemable preferred shares of approximately $2.7 billion, according to the news release. Tech Data, a private company, will also continue to operate out of Clearwater, Fla., and its owner, affiliates of Apollo Global Management Inc. We look forward to working with the talented colleagues at Tech Data and expect our combined business will create the opportunity for team members to produce the highest levels of service to our partners." "This transaction allows for accelerated revenue and earnings growth, an expanded global footprint, and the ability to drive significant operating improvements while continuing to create shareholder value. "We are excited to partner with a world-class industry leader like Tech Data and believe that this combination will benefit all our stakeholders," Polk said in the news release. Tech Data’s Rich Hume will retain his role as CEO of the new company. is currently a Fortune 200 company, while Tech Data is ranked 90 on the Fortune 500 list, according to a news release.ĭennis Polk, current CEO of Synnex Corp., will transition into his role as the executive chair on the board of directors, while continuing to direct the new company’s ongoing strategy and integration, according to the release. ![]() This will make us a Fortune 100 company.” “There are a lot of Fortune 500 companies in there. “It will also make us the largest IT distributor, with projected revenues of up to $57 billion, which is great for Greenville,” Stegner said. announced that its earnings added up to 20% more than last year. For example, “Share the Magic,” and quite frankly, from a personal standpoint, we donated all this money to a new playground for the kids at Unity Park. “You can just look at just the charity work we do there. ![]() “Greenville’s just too important to Synnex,” he said. In fact, he said that the combined company may one day have a corporate office in Clearwater, Fla., and potentially move Synnex Corp.’s Fremont, Calif., headquarters to Greenville. ![]() and Tech Data, a Clearwater, Fla.-based Fortune 500 company, agreed to merge today in a transaction valued at approximately $7.2 billion including net debt.Īnd to assuage all fears that the combined company, still named Synnex, is leaving town, Bob Stegner, Synnex’s senior vice president of marketing in North America, said the tech distribution company isn’t going anywhere. ![]()
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