Ingram Micro (IM), Tianjin Tianhai Merger Granted Clearance From Committee on Foreign Investment

November 1, 2016 7:10 AM EDT

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Ingram Micro Inc. (NYSE: IM) today announced in connection with its pending acquisition by Tianjin Tianhai Investment Company, Ltd. (Tianjin Tianhai) (SSE A Share: 600751 and SSE B Share: 900938), that the parties have received clearance from the Committee on Foreign Investment in the United States (CFIUS) to proceed with the transaction.

The companies also said that they have received clearance from the antitrust authorities in Austria, Italy, Poland and Slovakia.

The merger remains subject to approval from China's State Administration of Foreign Exchange (SAFE) and other customary closing conditions. The companies continue to expect the transaction to close in 2016, whereby Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 enterprise group and a leader in aviation, tourism and logistics, which is the largest stockholder of Tianjin Tianhai.

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