The Indian Competition Commission (CCI) has approved the proposed acquisition of 100% of the shares and sole control of Ingram Micro Inc. by Imola Acquisition Corporation, the Department of Corporate Affairs said in a statement on Monday.
The regulator had previously approved in a tweet the “acquisition of a 100% stake in Ingram Micro Inc. by Imola Acquisition Corporation”.
As part of the agreement, the Platinum Equity Group – through Imola, a wholly-owned subsidiary – would be determined Companies that are ultimately controlled by the group – sole control of Ingram Micro through a merger of subsidiaries according to a notice filed at the watchdog. The proposed merger concerns the planned acquisition of 100% of the shares and the sole control of Ingram Micro Inc. together with the parent companies (i) GCL Investment Management Inc. and GCL Investment Holding Inc. and (ii) the direct and indirect subsidiaries (collectively referred to as Ingram Micro).
Imola is a newly formed unit of the Platinum Equity Group. Platinum Equity Group specializes in the merger, acquisition, and operation of companies that provide services and solutions to clients in a variety of business areas including information technology, telecommunications, logistics, metal services, manufacturing and distribution.
Ingram Micro is a US-based IT company specializing in technology distribution and logistics, cloud solutions and e-commerce supply chain services.
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