Synnex Corporation and Tech Data Corporation have announced the successful completion of their merger into a combined company to be known as TD Synnex, led by Rich Hume as CEO. Dennis Polk, formerly the CEO of Synnex, is Executive Chair of the TD Synnex Board of Directors.
“We are pleased to have completed the merger and are focused on integrating our businesses,” said Dennis Polk. “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,” said Rich Hume. “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.”
Tech Data Corporation was previously wholly owned by funds managed by affiliates of Apollo Global Management, Inc., 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.
The combined company has 22,000 staff members worldwide serving more than 100 countries in the Americas, Europe, and Asia-Pacific. The company will be headquartered in Clearwater, Florida, and Fremont, California.
TD Synnex expects to leverage the merger to accelerate technology adoption, diversify revenue streams, create cross-selling opportunities, and bring to market comprehensive XaaS offerings.