Apollo Global Management APO, +1.11% said it is going to buy Tech Data TECD, +0.89% for $5.4 billion, or $130 a share. The deal represents a 24.5% premium to its 30-day average closing price ending Oct. 15, before there was speculation of a buyout. Tech Data closed Tuesday at $129.87. The terms say Tech Data will be permitted to actively solicit alternative acquisition proposals from third parties during a "go-shop" period from the date of the agreement until Dec. 9, 2019. The Tech Data board of directors has unanimously approved the transaction. Bank of America advised Tech Data, and Citi was lead financial adviser for Apollo.
2019-11-13 11:07:00Z
https://www.marketwatch.com/story/apollo-global-management-to-buy-tech-data-for-54-billion-2019-11-13
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