Emotions ran high, and you could feel the children’s despair and insecurity. The first few weeks of drop offs were extremely tough for the twins.
Synnex tech data merge full#
Jasmine developed extreme separation anxiety, and Lincoln went from a boy full of personality to not talking at all. After their father’s death, the twins had very different reactions. During their ACH intake, Jessica revealed Lincoln and Jasmine’s father passed away shortly after their second birthday. Her EI had just attended a Lunch and Learn at ACH and knew Jessica and this family could benefit from our multigenerational treatment services. Lincoln and Jasmine’s mother, Jessica, shared with their EI that she was struggling with her husband’s death and needed help. That transaction essentially undid Synnex’s $505 million acquisition of IBM’s customer case (call center) business, which was announced in September 2013.Twins, Lincoln and Jasmine, were three years old when referred to A Child’s Haven (ACH) by their Early Interventionist (EI) for speech delays and extreme separation anxiety. Meanwhile, Synnex, in December, spun off its $4.7 billion Concentrix customer experience business into a separate, publicly traded company, allowing Synnex to once again become a pure-play IT distributor. The company had been publicly traded since May 1986. Two-and-a-half years after the Avnet deal closed, Apollo agreed to take Tech Data private. This is Tech Data’s second attempt to consolidate the IT distribution industry, coming four years after the company purchased Tempe, Ariz.-based Avnet’s Technology Solutions business for $2.6 billion to combine broadline and specialty distribution. Synnex and Tech Data said they’ll benefit from highly complementary product line cards and the ability to bring comprehensive Everything-as-a-Service (EaaS) offerings to the market. The companies said they’ll have best-in-class product offerings in some of technology’s highest growth product segments, including cloud, data centers, security, Internet of Things, services, 5G and intelligent edge. MiTAC Holdings Corp., which with its affiliatates owns approximately 17 percent of Synnex, has agreed to vote its shares in favor of the transaction. “This transaction allows for accelerated revenue and earnings growth, an expanded global footprint, and the ability to drive significant operating improvements while continuing to create shareholder value,” Polk said in a statement. The joint company had $1.5 billion of earnings before interest, taxation, depreciation, and amortization (EBITDA) over the past 12 months and some $4 billion of debt at close.
Two of the directors appointed by Apollo must be independent. The Synnex-Tech Data combination will have an 11-member board, including Hume, six members appointed by Synnex, and four directors initially appointed by Apollo. Prior to the deal, Clearwater, Fla.-based Tech Data had a global presence – including a particularly large footprint in Europe – while Fremont, Calif.-based Synnex was focused on North America and Japan.
The combined company will support more than 1,500 vendors and OEMs and serve customers in more than 100 countries across the Americas, Europe and Asia-Pacific regions. The merger is expected to close in the second half of 2021, and generate $100 million of optimization and synergy benefits in the first year after closing and some $200 million by the end of the second year. Synnex and Tech Data will create the world’s largest IT distributor through their merger, coming in nearly $10 billion larger than Irvine, Calif.-based Ingram Micro, which had $47.2 billion in sales in 2019. The merger announcement didn’t disclose what the combined company will be called. Synnex’s stock is up $11.80 (11.43 percent) to $115 in pre-market trading Monday, which is the highest the company’s stock has ever traded since going public in November 2003. “Together, we will be able to offer our customers and vendors exceptional reach, efficiency and expertise, redefining the experience and value they receive.” “This is transformational for Tech Data, Synnex and the entire technology ecosystem,” Hume said in a statement. The combined company will be 55 percent owned by Synnex shareholders and 45 percent owned by Apollo Global management, which bought Tech Data for $5.4 billion in June 2020. The proposed $7.2 billion merger of publicly traded Synnex and private equity owned Tech Data will be led by Tech Data CEO Rich Hume (pictured), with Synnex President and CEO Dennis Polk serving as executive chair of the company’s board. Two of the world’s largest IT distributors will join forces to create a $57 billion giant with more than 150,000 customers and 22,000 employees.
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