China's HNA in talks to sell Ingram Micro to Apollo
Global: source
Send a link to a friend
[December 22, 2018]
By Greg Roumeliotis
(Reuters) - HNA Group Co [HNAIRC.UL] is in
talks to sell Ingram Micro Inc to private equity firm Apollo Global
Management Llc <APO.N>, a source familiar with the matter said on
Friday, as the Chinese conglomerate continues to scale back operations.
HNA hopes to sell the U.S. electronics distributor for $7.5 billion,
including $1.5 billion in debt, the source said, adding that it is
currently in talks with Apollo after rebuffing an earlier offer that it
considered too low.
HNA has already pushed ahead with asset sales that have so far included
real estate and stakes in hotels groups.
Apollo declined to comment and Ingram was not immediately available for
comment. HNA was not available for comment outside normal business hours
in China.
![](http://archives.lincolndailynews.com/2018/Dec/22/images/ads/current/ldn_sda_062409.png)
The Wall Street journal first reported https://www.wsj.com/articles/hna-in-talks-to-sell-ingram-micro-to-apollo-global-11545425703?mod=searchresults&page=1&pos=1
the news on Friday.
[to top of second column] |
![](../images/122218pics/busine53.jpg)
A HNA Group logo is seen on the building of HNA Plaza in Beijing,
China February 9, 2018. REUTERS/Jason Lee/File Photo
![](http://archives.lincolndailynews.com/2018/Dec/22/images/ads/current/rohlfs_lda_072017.png)
Earlier this month, Reuters reported that China Development Bank was leading a
team to supervise HNA's asset disposals as the heavily indebted conglomerate
unwinds a $50 billion acquisition spree and scales back to a point that will
leave it holding only core assets.
Bad debt managers China Cinda Asset Management Co <1359.HK> advised HNA and has
been involved in talks with potential buyers for Ingram, which HNA bought for $6
billion in 2016, Reuters reported in November.
HNA Technology Co <600751.SS>, which owns Ingram, said in September it had $3.55
billion of outstanding debt from the purchase of the firm, of which $350 million
was due for payment this year.
(Reporting by Greg Roumeliotis in New York and Uday Sampath in Bengaluru;
Editing by Arun Koyyur)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |