China’s Tianjin Tianhai buying Ingram Micro for $6 billion

WASHINGTON – Chinese shipping company Tianjin Tianhai says it is buying U.S. logistics firm Ingram Micro Inc. for roughly $6 billion.

The all-cash deal amounts to $38.90 per share for Ingram, which distributes information technology products and services.

Tianjin Tianhai said in a statement that the combination should expand its geographic reach as well as its product and service offerings. It is based in the port city of Tianjin and specializes in bulk overseas shipments between China, South Korea, Japan and other Asian countries.

The companies said Wednesday that Ingram is expected to remain headquartered in Irvine, California, and its CEO Alain Monie will remain in that post. The transaction was unanimously approved by the boards of both companies and is expected to close in the second half of 2016.