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China's HNA in talks to sell Ingram Micro to Apollo Global - source

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12/21/2018 | 05:15pm EDT
FILE PHOTO: A HNA Group logo is seen on the building of HNA Plaza in Beijing

(Reuters) - HNA Group Co is in talks to sell Ingram Micro Inc to private equity firm Apollo Global Management Llc, a source familiar with the matter said on Friday, as the Chinese conglomerate continues to scale back operations.

HNA hopes to sell the U.S. electronics distributor for $7.5 billion (5.94 billion pounds), including $1.5 billion in debt, the source said, adding that it is currently in talks with Apollo after rebuffing an earlier offer that it considered too low.

HNA has already pushed ahead with asset sales that have so far included real estate and stakes in hotels groups.

Apollo declined to comment and Ingram was not immediately available for comment. HNA was not available for comment outside normal business hours in China.

The Wall Street journal first reported the news on Friday.

Earlier this month, Reuters reported that China Development Bank was leading a team to supervise HNA's asset disposals as the heavily indebted conglomerate unwinds a $50 billion acquisition spree and scales back to a point that will leave it holding only core assets.

Bad debt managers China Cinda Asset Management Co advised HNA and has been involved in talks with potential buyers for Ingram, which HNA bought for $6 billion in 2016, Reuters reported in November.

HNA Technology Co, which owns Ingram, said in September it had $3.55 billion of outstanding debt from the purchase of the firm, of which $350 million was due for payment this year.

(Reporting by Greg Roumeliotis in New York and Uday Sampath in Bengaluru; Editing by Arun Koyyur)

By Greg Roumeliotis

Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT LLC -2.22% 35.75 Delayed Quote.45.68%
CHINA CINDA ASSET MANAGEMENT CO LTD -1.29% 1.53 End-of-day quote.-19.90%
HNA TECHNOLOGY CO LTD -0.34% 2.97 End-of-day quote.9.96%
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