Ingram Micro has bought fellow distributor Tech Pacific for A$700 million.
The move comes as a surprise, as Tech Pacific appeared to be preparing to float on the Australian Stock Exchange, though Tech Pacific chief executive Shailendra Gupta had been hedging his bets on whether a float or trade sale was in the wind.
It has been known for some time that Tech Pacific's two main owners, CVC Asia-Pacific and Hagemeyer, had been planning to sell the company, but what form the sale would take was confirmed last night, when it was announced Ingram Micro was the buyer.
Tech Pacific employs 1800 staff across Australia, New Zealand and the Asia–Pacific region. In a statement, Ingram Micro chief executive Kent Foster said the buy "provides a giant leap forward in our regional development."
Tech Pacific New Zealand head Tony Butler and his counterpart at Ingram Micro, John Dunbar, were unavailable for comment.