Tech Data closes $5.4bn sale to Apollo

Tech Data has closed its sale to private equity firm Apollo Global Management for $5.4bn. The deal, which was first announced in November last year, gives Tech Data an enterprise value of $6bn and will see Apollo make a $3.75bn equity investment in the distributor. All outstanding shares in Tech Data common stock will be acquired by affiliate funds managed by Apollo, with existing shareholders set to receive $145 in cash for each share. Tech Data CEO Rich Hume will continue to lead t...