SYNNEX Corporation (SNX) and Tech Data Corporation on Wednesday said they completed their merger to form TD SYNNEX (SNX). The new company will be led by Rich Hume as CEO.
Dennis Polk, formerly the CEO of SYNNEX, will be the Executive Chair of the TD SYNNEX Board of Directors.
The merged entity would be a distributor and solutions aggregator for the IT ecosystem with more than 150,000 customers in 100+ countries.
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.
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 from SYNNEX' and Tech Data's prior boards as well as a new member, all with extensive experience across a variety of industries.
Headquartered in Clearwater, Florida, and Fremont, California, TD SYNNEX has 22,000 co-workers and is engaged in the technology segments including cloud, cybersecurity, big data/analytics, IoT, mobility etc.
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