IM agrees acquisition


Ingram Micro (IM) has agreed a deal to acquire Asia Pacific IT distributor Tech Pacific for A$700 million ($493 million).

IM CEO Kent Foster said: "As the only global IT distributor with operations in Asia Pacific, we have long recognised the growth opportunities of the region. This acquisition provides a giant leap in forwarding our regional development."

Tech Pacific has 15 distribution centres and is the market leader in Australia, New Zealand and India. The firm’s CEO Shailendra Gupta and CFO Guy Freeland will be retained.

The acquisition, which includes assumption of debt, is expected to close by the end of 2004 and is likely to be accretive to IM’s 2005 earnings.

Sydney (AUS)