HNA continues scale-back

Source: Xinhua | 2018-12-24

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 diversified Chinese conglomerate involved in everything from aviation to real estate continues to scale back.

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

Apollo declined to comment and Ingram was not immediately available for comment. HNA was not available for comment.

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