Imola Acquisition Corporation gets CCI's nod for 100 per cent acquisition in Ingram Micro Inc

The Competition Commission of India (CCI) has approved proposed acquisition of 100% shareholding and sole control of Ingram Micro Inc. by Imola Acquisition Corporation, said Ministry of Corporate Affairs in a statement on Monday.  

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Earlier in a tweet, the regulator said it has approved the "acquisition of 100% shareholding in Ingram Micro Inc. by Imola Acquisition Corporation".

Under the deal, Platinum Equity Group -- through Imola, a wholly-owned affiliate of certain entities that are ultimately controlled by the group -- would acquire sole control of Ingram Micro by way of a merger of subsidiaries, as per a notice filed with the watchdog. The proposed combination concerns the proposed acquisition of 100% shareholding and sole control of Ingram Micro Inc. together with its parent companies (i) GCL Investment Management Inc. and GCL Investment Holding Inc. and (ii) its direct and indirect subsidiaries (collectively referred to as Ingram Micro).  

Imola is a newly incorporated entity belonging to Platinum Equity Group. Platinum Equity Group specialises in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of businesses, including information technology, telecommunications, logistics, metal services, manufacturing and distribution.  

Ingram Micro is a US Headquartered IT company that specialises in technology distribution and logistics, cloud solutions, and e-commerce supply chain services.