SYNNEX Corporation (NYSE: SNX) and Tech Data Corporation has announced the successful completion of their merger. The combined company is now TD SYNNEX, led by Rich Hume as CEO. Dennis Polk, formerly CEO of SYNNEX, is Executive Chair of the TD SYNNEX Board of Directors.
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TD SYNNEX will serve more than 100 countries in the Americas, Europe, and Asia-Pacific
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Offering comprehensive portfolio of high value products and service offerings
In a formal announcement, Rich Hume, TD SYNNEX CEO, said: ‘TD SYNNEX is uniquely positioned in today’s relentlessly transforming technology ecosystem. As a versatile distributor and solutions aggregator for the IT ecosystem, we’re strengthening our entire portfolio of solutions and raising the bar on the value we deliver to customers and vendors with exceptional reach, efficiency, and expertise. It’s an honour to lead TD SYNNEX with a talented team of 22,000 co-workers worldwide.’
Dennis Polk, TD SYNNEX Executive Chair of the Board of Directors, added: ‘We are pleased to have completed the merger and are focused on integrating our businesses. We are energized by the enhanced breadth and depth of our offerings and the opportunities ahead of us to deliver superior value to our stakeholders.’
TD SYNNEX is uniquely positioned in today’s relentlessly transforming technology ecosystem
The statement noted that customers and vendors will have unparalleled access to a global distribution platform with best-in-class product offerings in some of the largest and most profitable product segments. TD SYNNEX provides the ability to accelerate technology adoption, diversify revenue streams, create cross-selling opportunities, and bring to market comprehensive everything-as-a-service offerings.
As part of the merger, Hume underscored TD SYNNEX’s commitment to be a good corporate citizen and the employer of choice in the global IT industry, ‘Just as TD SYNNEX plays a vital role helping transform the technology landscape, we have an equally important responsibility to have a positive impact on the world. Our focus on corporate social responsibility embodies our commitment to make the world a better place, both today and into the future.’
Just as TD SYNNEX plays a vital role helping transform the technology landscape, we have an equally important responsibility to have a positive impact on the world
Tech Data Corporation was previously wholly owned by funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (the ‘Apollo Funds’) and their co-investors. 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 - A TD SYNNEX Company
David Watts, Senior Vice President, UK and Ireland, Tech Data, said: ‘It’s a very exciting day for our company and we are delighted to be a part of the new TD SYNNEX. In the UK and Ireland we will continue to be known as Tech Data – A TD SYNNEX Company, and we look forward to helping our channel partners to grow and develop their businesses as we always have done, while leveraging the increased scale, scope, and capabilities of the new TD SYNNEX.’
We look forward to helping our channel partners to grow and develop their businesses as we always have done
