The combined company will be 55% owned by Synnex shareholders and 45% owned by Apollo Global, which Tech Data acquired in 2020 for $ 5.4 billion.
FREMONT, California – IT solutions company SYNNEX Corp. (NYSE: SNX) and its private equity backed competitor Tech Data signed a definitive merger agreement worth approximately $ 7.2 billion including debt, creating one of the world’s largest IT distribution companies.
The merger comes less than a year after Apollo Global Management privatized $ 6 billion tech data. At this point, both Synnex and Tech Data were benefiting from the pandemic-induced acceleration of the digital transformation caused by coronavirus as more and more people were working on it at home.
The combined company, with estimated pro forma annual sales of approximately $ 57 billion and a team of over 22,000 employees and colleagues, will offer customers and vendors far-reaching reach across products, services and regions to accelerate technology adoption .