7. Chinese Logistics Giant Buying Ingram Micro For $6 Billion
In a move that could reshape the IT distribution landscape, Chinese logistics firm Tianjin Tianhai Investment Company announced February 17 a deal to acquire Ingram Micro, the IT industry's top distributor, for $6 billion.
Ingram, a $46 billion distribution powerhouse, will be folded into HNA Logistics, part of the HNA Group, a Chinese conglomerate. Tianjin Tianhai is a partially owned subsidiary of HNA Logistics. Ingram Micro shareholders overwhelmingly approved the deal in January and it's on track to close before the end of 2016.
Six days after the deal was announced, Ingram Micro president Paul Read announced that he would step down from the company in September after assisting with the transition. Read had apparently been in line to replace Ingram CEO Alain Monie, but HNA wanted Monie to continue leading the company for the immediate future.