Assets of Major ITAD Company to be Acquired by U.S.-based Equity Firm

SEATTLE (Scrap Monster): U.S.-based equity firm Platinum Equity announced that it has entered into a definitive agreement with HNA Technology Co., Ltd to acquire electronics recovery service provider Ingram Micro. The transaction, valued at $7.2 billion, is expected to be completed by first half of 2021, subject to customary regulatory and shareholder approval.

According to the agreement, Ingram Micro will retain its existing headquarters and leadership. No meaningful changes are expected, except that Ingram Micro will have exclusive access to Platinum’s significant resources. This in turn will help the company to broaden its services and geographic reach further.

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Commenting on the deal, Jacob Kotzubei, Partner, Platinum Equity noted that it has been pursuing this opportunity for a while and that it is impressed by the company’s ability to navigate through challenging times. It will work closely with Ingram Micro leadership to sustain the momentum and build on the company’s success, he added.

Ingram Micro was purchased by Chinese HNA Group in 2016 in a $6 billion deal. However, the Group has been facing major financial problems, which resulted in defaulting on loan used to buy Ingram. The Chinese officials had seized control of the company.