(RTTNews) – SYNNEX Corporation (SNX) and Tech Data Corporation announced on Wednesday that they have completed their merger to form TD SYNNEX (SNX). The new company will be led by Rich Hume as CEO.
Dennis Polk, former CEO of SYNNEX, will be the Executive Chairman of the TD SYNNEX Board of Directors.
The merged entity would be a distributor and aggregator of solutions for the IT ecosystem with over 150,000 customers in over 100 countries.
Pursuant to the merger agreement, Apollo Funds received a total of 44 million common shares, net of $ 1.1 billion in cash after giving effect to a capital contribution of $ 500 million to ‘Apollo and Tech Data’s net debt refinancing, and now owns about 45 percent of TD SYNNEX.
Tech Data Corporation was previously wholly owned by funds managed by affiliates of Apollo Global Management, Inc. (APO) and their co-investors.
Separately, TD SYNNEX also announced its board of directors, including members of the previous boards of SYNNEX and Tech Data, as well as a new member, all with extensive experience in various industries.
Based in Clearwater, Florida, and Fremont, California, TD SYNNEX has 22,000 employees and is active in technology segments such as cloud, cybersecurity, big data / analytics, IoT, mobility, etc.
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