Latest News | Tech Data-Synnex Corp Merger Gets CCI Nod

New Delhi, Jun 30 (PTI) The Competition Commission of India (CCI) on Wednesday gave its approval to the proposed merger of Tech Data Corporation with Synnex Corporation.

The approval came pursuant to resolutions passed by the board of directors of Synnex, and that of Tiger Parent in March 2021.

Tiger Parent is the holding company of Tech Data.

A notification filed with the regulator noted that as consideration for the merger, Tiger Parent Holdings LP will be issued 45 per cent of the common stock of Synnex.

The notice noted the various steps involved in the merger.

Once those steps of the transaction come into effect and on consideration of the shares of common stock of Tiger Parent held by Tiger Holdings, Synnex will issue approximately 45 per cent shares of its common stock (carrying proportionate voting rights) to Tiger Holdings.

Tiger Holdings will also be vested with certain rights under the investor rights agreement to nominate directors on the board of Synnex, it said.

"Commission approves merger of Tech Data Corporation with Synnex Corporation," a tweet by the regulator said.

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