AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Synnex merger tech data12/13/2023 ![]() ![]() The transaction is expected to be accretive to non-GAAP EPS. The combined company is estimated to generate pro forma annual revenues of about $57 billion with over 22,000 employees and more than 150,000 customers. The transaction, which is valued at approximately $7.2 billion, is anticipated to close in the second half of 2021. Separately, SYNNEX announced a merger with Tech Data Corporation, wholly owned by funds managed by affiliates of Apollo Global Management, Inc. Moreover, it expects to report non-GAAP earnings in the range of $1.80-$2.00 per share.Īdditionally, the company declared a quarterly cash dividend of $0.20 per share, reflecting a dividend yield of 0.73%. SYNNEX’s CEO Dennis Polk said, “Our strong momentum continued in Q1, driven by solid demand for technology products and services, as our customers continued to support users everywhere to connect, collaborate and increase productivity.”įor 2Q, the company forecasts revenues between $4.7 billion and $5 billion. Non-GAAP earnings jumped 33.1% to $1.89 per share and topped Street estimates of $1.69. SYNNEX’s ( SNX) 1Q revenues soared 21% to $4.94 billion year-over-year and surpassed analysts’ expectations of $4.72 billion. Our focus on corporate social responsibility embodies our commitment to make the world a better place, both today and into the future.Shares of SYNNEX Corporation gained 6.5% on Monday after the IT services provider reported better-than-expected 1Q results and announced a merger deal with privately held Tech Data Corporation. “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. “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.”Īs part of the merger, Hume underscored TD SYNNEX’ commitment to be a good corporate citizen and the employer of choice in the global IT industry. “We are pleased to have completed the merger and are focused on integrating our businesses,” said Dennis Polk, TD SYNNEX Executive Chair of the Board of Directors. ![]() Now, Apollo Global Management owns about 45% of TD Synnex, according to the announcement. was previously wholly owned by Apollo Global Management, which received 33 million shares of common stock for about $1.1 billion in cash after giving effect to a $500 million equity contribution by Apollo and the refinancing of Tech Data net debt. Synnex acquired Tech Data from New York private equity firm Apollo Global Management Inc., which bought the Clearwater, Fla.-based company for about $6 billion last year.Īccording to the press release, Tech Data Corp. ![]() The companies first announced the merger in March, saying the combined firm will operate in more than 100 countries and serve 150,000 customers, offering more than 200,000 products and solutions from more than 1,500 vendors. Tech Distributors Synnex and Tech Data Corporation have completed their merger, and the combined company is now known as TD Synnex.Īccording to a joint press release, former Tech Data’s CEO Rich Hume will retain the position and lead the combined organization, while former Synnex CERO Dennis Polk will be executive chair of the TD Synnex Board of Directors. ![]()
0 Comments
Read More
Leave a Reply. |