Tech Data To Be Sold
Apollo Global Management shook up the distribution marketplace with the announcement Wednesday that it agreed to acquire Tech Data for $5.4 billion, or $130 a share.
“We think this is a really interesting investment that captures the secular trends of IT spending and growth both in hardware and software,” said a high level source. “Ultimately, we believe the channel, within this complex ecosystem, will be an increasingly important part of the IT market. We think management is phenomenal. They have a great track record of being a proven operators. It’s a well run business.”
While current CEO Rich Hume will remain in place, Tech Data will be taken private once the deal closes. Apollo insiders told CRN its priorities for Tech Data include growing its cloud business and investing in more services for partners.