US private equity firm Platinum Equity announced on Wednesday, December 9, it would buy electronics distributor Ingram Micro from a unit of Chinese aviation and shipping conglomerate HNA in a US$7.2 billion deal, reported Bloomberg.
The deal comes as the once high-flying HNA Group, which owns the Hainan Airlines, sheds assets under a restructuring program to resolve liquidity risks stemming from years of aggressive acquisitions abroad.
In September, the cash-strapped group’s chairman was barred from taking flights and high-speed trains and going on vacations due to its failure to pay a court-ordered US$5,300 in a lawsuit.
HNA acquired Ingram, which distributes products ranging from Apple’s iPhones to Cisco’s network equipment, in 2016 in a US$6 billion deal.
