Synnex and Tech Data have completed a blockbuster $7.2 billion merger which will see the joint company become the industry’s largest distributor.
The name Tech Data will be history and the new company will be TD SYNNEX, and led by Tech Data’s Rich Hume as CEO. It will have combined revenues of almost $60 billion, putting itself in front of rival Ingram Micro.
The merger sees Synnex shareholders own 55 percent of the combined company and private equity firm Apollo Global Management own 45 percent.
“TD SYNNEX is uniquely positioned in today’s relentlessly transforming technology ecosystem”, Hume said.
“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.”
Former Synnex CEO Dennis Polk will serve as the company’s executive chair of the board of directors, with five more members from Synnex and three other Tech Data staff, alongside Hume, making up the rest of the board.
“I am excited to partner with the talented leaders who form the board of TD SYNNEX and look forward to working with them as we bring together our two great companies”, Polk said.
