In the latest play by a Chinese company for a U.S. technology target, China’s Tianjin Tianhai Investment Co. Ltd. has agreed to acquire Irvine, California-based Ingram Micro Inc. for $6 billion in cash. As part of the deal, technology distributor Ingram Micro will become part of Tianjin Tianhai’s largest shareholder, Hainan-based HNA Group Co. Ltd., and will operate as a Tianjin Tianhai subsidiary.
A pair of Am Law 100 firms have landed lead roles on the deal, with HNA Group tapping Weil, Gotshal & Manges and Ingram Micro turning to Davis Polk & Wardwell. Both firms have advised the same clients in the past. Just last year, Weil represented HNA Group, the parent company of Hainan Airlines Co., in its $2.8 billion acquisition of Switzerland’s Swissport International Ltd. from European private equity firm PAI Partners. In April 2015, Davis Polk advised Ingram Micro on its $675 million revolving financing program.
