CLEARWATER, Fla., June 10 /PRNewswire/ -- Tech Data Corporation (NASDAQ:TECD)
today announced that it has reached an agreement to sell its majority interest in the company's Munich-based subsidiary, Macrotron AG, to Santa Ana, Calif.-based Ingram Micro Inc. (NYSE:IM)
for approximately $100 million in cash. The sale, which is subject to regulatory approvals, board approval and other terms and conditions, is contingent upon Tech Data completing its acquisition of a majority interest in Munich-based Computer 2000 AG.
Tech Data announced in April its plans to acquire a majority interest in Computer 2000. The agreement provides for the acquisition of approximately 80% of the outstanding stock of Computer 2000 held by its parent company, Duisburg-based Klockner & Co. AG. Klockner & Co. is a subsidiary of Munich-based conglomerate VIAG AG. Consideration to be issued by Tech Data includes $300 million of convertible subordinated notes and 2.2 million shares of Tech Data common stock. Tech Data expects to complete this transaction on or about June 30, 1998. The planned sale of Macrotron AG to Ingram Micro is expected to be completed by July 31, 1998.
"After careful review of the alternatives, we concluded that selling Macrotron would be in the best interests of our shareholders," commented Steven A. Raymund, Tech Data's chairman and chief executive officer. "It would be difficult to manage and integrate the operations of Macrotron and Computer 2000, as both companies are publicly traded and have minority shareholders." Macrotron, which serves resellers in Germany, Switzerland and Austria, represents Tech Data's only significant market overlap with Computer 2000. Tech Data acquired its majority interest in Macrotron in July 1997 and currently owns 99% and 91% of Macrotron's common and preferred stock, respectively.
Tech Data Corporation is a leading full-line distributor of personal computer products, serving more than 70,000 resellers throughout the United States, Canada, Latin America, Germany, France, Switzerland and Austria. The Fortune 500 company generated sales of $7.1 billion in its most recent fiscal year, which ended January 31, 1998. In addition to distributing more than 45,000 products from over 900 manufacturers and publishers, Tech Data provides extensive pre- and post-sale training, service and support as well as high-quality configuration and assembly services and a full range of electronic commerce solutions. The company's comprehensive Web site is located at http://www.techdata.com/.
CO: Tech Data Corporation; Ingram Micro Inc.; Macrotron AG
ST: California, Florida
Source: Tech Data Corporation
Contact: Jeffery P. Howells, Executive Vice President and Chief
Financial Officer, 813-538-7825, or email@example.com, or Arthur W.
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