UPDATE 2-Buyout firm Apollo Global to take Tech Data private in $5.4 bln deal [Reuters (UK)]
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Source: Reuters
Buyout firm Apollo Global to take Tech Data private in $5.4 billion deal - Reuters 3 Min Read (Reuters) - Private equity Apollo Global Management ( APO.N ) said on Wednesday it had agreed to acquire U.S. information technology equipment distributor Tech Data ( TECD.O ) in a deal valued at $5.4 billion. Excluding debt, the deal is valued at about $4.77 billion, according to Reuters calculations based on the number of outstanding shares as of July 31. Reuters reported last month about the possible deal, citing sources. Tech Data shareholders will receive $130 per share in cash, representing a premium of nearly 17% to the stock’s closing price on Oct. 15, the last trading day before the Reuters report. Apollo is financing Tech Data’s acquisition with $3 billion in equity and about $2.4 billion in debt, people familiar with matter told Reuters. Tech Data shares were last up 4.1% at $130.51 in midday trading. Tech Data said it will solicit alternative acquisition proposals from third-p
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