LARGO, Fla. — Tech Data announced Wednesday morning that it's agreed to sell itself to a private equity firm for $5.4 billion.
The company said it will sell itself for $130 per share to funds managed by Apollo Global Management, Inc.
Tech Data is one of the largest publicly traded companies with more than 14,000 employees around the world. The company's headquarters is near the St. Petersburg-Clearwater International Airport.
"Over our 45-year history, Tech Data has grown to become one of the largest and most respected technology distributors in the world," Tech Data CEO Rich Hume said in a release. "This agreement reflects the significant progress we have made in our strategy of delivering higher value and positions us for continued growth and success."
The deal still has to be approved by stockholders and regulators in other countries where Tech Data operates. Once approved, the deal will close in early 2020.
The Tampa Bay Times reported Tech Data will stay in Pinellas County but will be a privately-owned business rather than a publicly-traded company.
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