US: Ingram Micro looks for foreign takeover approval

Ingram Micro and Tianjin Tianhai Investment Company have announced that the companies plan to submit a joint voluntary notice to the Committee on Foreign Investment in the United States (CFIUS) for approval of the planned takeover of Ingram Micro by Tianjin Tianhai. Despite the additional regulatory process, the companies still expect the transaction to close in the second half of 2016.

The companies also said that they are maintaining steady progress in receiving the required competition authority approvals in various jurisdictions, obtaining early termination of the waiting period under the US HSR Act and antitrust authority approval from China, as well as approvals from antitrust authorities in Brazil, Canada, India, Mexico, South Africa and Turkey.

Additionally, after discussions with the European Commission and the Swiss competition authority, respectively, it was determined that antitrust filings with the Commission and the Swiss competition authority were not required. Instead, the companies have filed with the antitrust authorities in Austria, Italy, Poland and Slovakia.

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