Tech Data has been acquired by private equity firm Apollo Global Management for approximately $5.4bn.
The deal will see an affiliate of funds managed by Apollo acquire outstanding shares of the distie's common stock for $130 per share.
"Over our 45-year history, Tech Data has grown to become one of the largest and most respected technology distributors in the world. This agreement reflects the significant progress we have made in our strategy of delivering higher value and positions us for continued growth and success," said Rich Hume, chief executive officer at Tech Data.
"This investment by funds managed by one of the world's leading global alternative investment managers will afford us additional resources to accelerate our ability to bring to market the technology products and solutions the world needs to connect, grow and advance.
"The transaction will enable us to build on our success, making Tech Data a growth platform and enabling us to further differentiate and expand our end-to-end solutions and provide our channel partners with unparalleled reach, efficiency and expertise."
The deal is expected to close in the first half of the calendar year 2020 - subject to customary closing conditions - and Hume will remain in the chief exec role after the transaction is completed.
The terms of the agreement allow Tech Data to actively seek alternative acquisition proposals from third parties during a "go-shop" period which ends 9 December.
Charles Adair, lead independent director at Tech Data, stated: "This agreement follows a process of consideration of Apollo's proposal by the board that included review and discussion of strategic alternatives with the board's financial and legal advisors.
"The transaction delivers significant cash value to our shareholders and creates exciting opportunities for our colleagues, channel partners and other key constituents."
Matt Nord, co-lead partner of Apollo private equity, added: "Through this investment, we are committed to expanding Tech Data's position as a trusted partner to the world's leading technology vendors while providing best-in-class customer service.
"As a private company with our sponsorship and a strong balance sheet, Tech Data will have significant financial and strategic flexibility to drive growth going forward."
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