Security products distributor SYNNEX announced on Wednesday that it has successfully completed its previously announced merger with Tech Data Corporation.
The newly combined company, TD SYNNEX, will be led by CEO Rich Hume. Dennis Polk, the former CEO of SYNNEX, is now Executive Chair of the SYNNEX board of directors.
“TD SYNNEX is uniquely positioned in today’s relentlessly transforming technology ecosystem,” said Hume. “As a versatile distributor and solutions aggregator for the IT ecosystem, we’re strengthening our entire portfolio of solutions and raising the bar on the value we deliver to customers and vendors with exceptional reach, efficiency and expertise. It’s an honor to lead TD SYNNEX with a talented team of 22,000 co-workers worldwide."
“We are pleased to have completed the merger and are focused on integrating our businesses,” added Polk. “We are energized by the enhanced breadth and depth of our offerings and the opportunities ahead of us to deliver superior value to our stakeholders.”
Tech Data Corporation was previously wholly owned by funds managed by affiliates of Apollo Global Management, Inc. and their co-investors. Under the terms of the merger agreement, Apollo Funds received an aggregate 44 million shares of common stock, net $1.1 billion in cash after giving effect to a $500 million equity contribution by Apollo and the refinancing of Tech Data net debt, and now own approximately 45 percent of TD SYNNEX.
