Clearwater's Tech Data has been sold to a private equity firm in a stock purchase worth about $5.4 billion.
In a news release, the technology firm announced it entered into an agreement with Apollo Global Management, Inc., to sell its outstanding shares of common stock for $130 per share.
Tech Data says it will keep its headquarters in Clearwater and Hume will remain CEO.
Reuters first reported the possible sale last month, but both companies declined comment.
“Over our 45-year history, Tech Data has grown to become one of the largest and most respected technology distributors in the world,” Tech Data CEO Rich Hume said. “This agreement reflects the significant progress we have made in our strategy of delivering higher value and positions us for continued growth and success."
His statement continued: “This investment by funds managed by one of the world’s leading global alternative investment managers will afford us additional resources to accelerate our ability to bring to market the technology products and solutions the world needs to connect, grow and advance.”
Apollo Global Management is one of the world’s largest private equity firms, according to the release. It manages assets worth about $323 billion.
“Through this investment, we are committed to expanding Tech Data’s position as a trusted partner to the world's leading technology vendors while providing best-in-class customer service,” said Matt Nord, Apollo co-lead partner. “As a private company with our sponsorship and a strong balance sheet, Tech Data will have significant financial and strategic flexibility to drive growth going forward.”
Tech Data says it will keep its headquarters in Clearwater and Hume will remain CEO.
This is a developing story. Stay with WUSF for updates.
