China's HNA Group says it has completed its takeover of US Ingram Micro. The 6 billion U.S. dollar all-cash deal was made by a listed subsidiary investment company of HNA Group.
"We are complementary. In the future, with our air, land and maritime transportation services, we will play an important role in Asia and in the world," said Tan Xiangdong, vice chairman and CEO of HNA Group.
Ingram Micro is a U.S. wholesaler of IT products and services while the HNA Group is a Chinese conglomerate operating mainly in leasing and insurance. The marriage will strengthen HNA's growing logistics businesses by relying on Ingram's worldwide network and managerial expertise. Meanwhile, Ingram Micro will benefit from the takeover in its expansion in Chinese market where it currently ranks as No. 4.
The deal was announced in February and took 10 months to complete after getting approval from 11 countries.
