Ingram Micro Surges On Sale To Chinese Conglomerate

By Sue ChangMarketWatch Pulse

Ingram Micro Inc. , an information-technology company based in Irvine, Calif., with a market capitalization of $4.4 billion, will be sold to China's Tianjin Tianhai Investment Co. for $38.90 a share, the company said late Wednesday. Once the $6 billion deal is finalized, Ingram Micro will operate as a subsidiary of Tianjin Tianhai and become a part of the HNA Group but maintain its headquarters in Irvine. The company's executive management team will also be retained with Alain Moni� continuing as chief executive. Shares of Ingram Micro soared 24% in after-hours trading on the news. The purchase price is roughly 31% over the stock's closing price of $29.65 on Wednesday.

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