![]() ![]() "In the U.S., there's not a huge overlap on the customers which I - quite frankly - found shocking." They're in Europe, we're not," Stegner said. He added that the two companies compliment each other. Stegner says this could be great for current employees with more opportunities, positions and promotions. The two companies combine for $57 billion annual pro forma revenue, over 22,000 employees, and a market share that spans over 100 countries in the Americas, Europe and Asia - which includes over 1,500 venders and 150,000 customers. The merger is valued at $7.2 billion, including net debt, and they hope to close by the end of the year. Stegner said having a Fortune 100 company would be impactful for the area and would draw people and companies to Greenville - SYNNEX is currently ranked 130 and Tech Data is ranked 90 on the Fortune 500 list. "We're very invested in the community, I don't see that changing whatsoever," Stegner said. "If anything I hope to always expand it." They also hold the Inspire Conference, which brings industry resellers and experts together, and Share the Magic Evening Gala, which benefits local charities, in Greenville. The company gave $250,000 to fund a new playground in Unity Park and sponsors the BMW Charity Pro-Am golf tournament. "That's our home and we're gonna stay with it and keep doing as many things as we can there." "I see some really good things coming from this for Greenville from an economic standpoint," Bob Stegner, SYNNEX's senior vice president of marketing, said. The Greenville office opened in 1996 and is now the company's biggest office. SYNNEX has over 1,000 employees in Greenville, which includes staff in sales, marketing, credit and legal departments. SYNNEX, a California-based tech company with a large presence in Greenville, announced it would merge with Florida-based Tech Data early Monday morning. SYNNEX is expecting revenue of $4.7 billion – $5 billion and net income of $82.9 million – $92.9 million during the second quarter.Editor's note: This story has been updated to correct that SYNNEX's Greenville office opened in 1996 and not 2008. Operating income was $142 million, compared to $100 million, in the prior fiscal first quarter. SYNNEX announced revenue of $4.9 billion (+21 percent) during fiscal 2021 first quarter from the prior fiscal first quarter. Until the transaction is completed, the companies will operate independently. MiTAC Holdings Corporation and its affiliates, which collectively owned approximately 17 percent of SYNNEX shares as of January 22, 2021, have agreed to vote their shares in favor of the transaction. The transaction is expected to close in the second half of calendar year 2021, subject to the satisfaction of customary closing conditions, including approval by SYNNEX stockholders and regulatory approvals. Based on LTM pro-forma adjusted EBITDA of approximately $1.5 billion and expected combined debt of approximately $4.0 billion at close, debt-to-adjusted EBITDA is expected to be approximately 2.7x at transaction close and is expected to decline to approximately 2x within 12 months. The combined company will benefit from a strong financial foundation and an investment grade profile. ![]() Net optimization and synergy benefits of $100 million are expected in the first year after closing, achieving a minimum of $200 million by the end of the second year. ![]() The combined company will have a global footprint that serves more than 100 countries across the Americas, Europe and Asia-Pacific regions, and a broad, diversified portfolio of more than 200,000 product and solutions offerings.Īpollo Funds will receive an aggregate of 44 million shares of SYNNEX plus the refinancing of existing Tech Data net debt and redeemable preferred shares of approximately $2.7 billion. Tech Data currently is wholly owned by funds managed by affiliates of Apollo Global Management and their co-investors. Dennis Polk will be executive chair of the Board of Directors and will take an active role in the ongoing strategy and integration of the business, among other responsibilities. Rich Hume will lead the combined company as CEO. SYNNEX shareholders will own approximately 55 percent of the combined entity, with Apollo Funds owning approximately 45 percent. ![]()
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