Overnight, it was confirmed by several news outlets that Chinese aviation and shipping conglomerate HNA Group reached an agreement to buy electronics distributor Ingram Micro Inc., for roughly $6 billion—all paid in cash. The move is just the latest in a string of overseas deals by companies based in China looking to sidestep the economy’s slumping domestic growth.
According to Reuters, the offer of $38.90 per share from HNA unit Tianjin Tianhai Investment Co. Ltd. Represents a 31 percent premium to Ingram’s closing price on Wednesday.
The Irvine, California-based company said the deal would help to increase investment and expand its global reach.