Latest News | Competition Comm Approves Imola-Ingram Micro Deal
Get latest articles and stories on Latest News at LatestLY. Competition Commission of India (CCI) on Friday said it has cleared the Imola Acquisition Corp's proposed purchase of IT company Ingram Micro.
New Delhi, May 7 (PTI) Competition Commission of India (CCI) on Friday said it has cleared the Imola Acquisition Corp's proposed purchase of IT company Ingram Micro.
Under the deal, Platinum Equity Group -- through Imola, a wholly-owned affiliate of certain entities that are ultimately controlled by the group -- would acquire sole control of Ingram Micro by way of a merger of subsidiaries, as per a notice filed with the watchdog.
In a tweet, the regulator said it has approved the "acquisition of 100% shareholding in Ingram Micro Inc. by Imola Acquisition Corporation".
According to the notice, Ingram Micro is active in the wholesale distribution of electronic products in India and has a minor vertical supply relationship with one of Platinum Equity Group's former portfolio companies in India.
Platinum Equity Group specialises in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of businesses, including information technology and telecommunications.
US-headquartered Ingram Micro is engaged in the wholesale distribution of IT products, consumer electronics, mobility products, and related services in India, as per the notice.
Deal beyond a certain threshold requires the nod of CCI.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)