Ingram Micro extends date of merger with Tianjin Tianhai
Following clearance last week from the Committee on Foreign Investment in the United States (CFIUS) to proceed with the transaction, the extension was made pursuant to an amendment to the merger agreement among Ingram Micro, Tianjin Tianhai and GCL Acquisition.
The extension is to allow for satisfaction of the remaining closing conditions under the merger agreement, including receipt of approval from China's State Administration of Foreign Exchange (SAFE).
Ingram Micro and Tianjin Tianhai continue to expect closing of the transaction to occur in 2016 as previously announced.
Upon completion of the transaction, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 company. ■