Tech Data's $5.4bn takeover by private equity firm Apollo Global is still awaiting approval from the Australian Foreign Investment Review Board.
The Florida-headquartered global distributor said in a statement that it has now received all other regulatory approvals necessary to complete the acquisition within its planned timetable of the first half of the calendar year.
Tech Data said the Australian regulator still has "the matter under consideration".
"We expect to proceed with closing the transaction promptly after the final approval from the AFIRB is received," the company added.
But CEO Richard Hume welcomed the news that its acquisition deal has received the green light from shareholders.
"The quarter also brought with it another milestone toward completing our acquisition by Apollo when we received shareholder approval of the transaction, which we look forward to closing upon completion of customary closing conditions," he said.
First announced in November, the update on the PE acquisition comes as the distributor's latest financials shows that COVID-19 has knocked the firm's top line.
Globally, sales were down by three per cent year on year to $8.2bn (€7.36bn). That decline widened in Europe which showed an eight per cent decline.
Tech Data claimed that "portfolio optimisation actions" in the region were responsible for reducing net sales by about three per cent.
Its European operations accounted for 47 per cent of overall revenues. However, the Americas region did grow four per cent, year on year. Meanwhile, Asia Pac fared worse logging a 16 per cent slump in revenues.
Operating income rose by four per cent in EuropeEurope to $45.6, while dropping one per cent to $84.7m in the Americas.
Commenting on its first financial period amid the coronavirus pandemic, CEO Rich Hume said that Tech Data found the quarter challenging.
"Throughout Q1, we experienced strong demand for endpoint solutions driven by remote work and business continuity needs. I'd like to acknowledge the dedication and commitment of our worldwide colleagues who continue to support our channel partners and each other with excellence in these unprecedented times."
Three vendors represented 10 per cent or more of net sales: Apple at 14 per cent, Cisco at 12 per cent; and HP Inc. at 11 per cent.
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Tech Data's $5.4bn deal with Apollo held up by Australian regulators as Q1 results show global sales slump
The distributor is still awaiting approval from the Australian Foreign Investment Review Board, but could be weeks away from its multi-billion dollar PE buyout