Another delay hits Tianjin Tianhai acquisition of Ingram Micro-- the deal awaits approval by Chinese authorities, and as a result the finalisation of the deal has been extended to 15 December 2016.
The Chinese hurdle comes just a week after the deal received approval from the Committee on Foreign Investment in the United States (CFIUS), an examination that already lead to a previous extension of the closure date. The deal's original deadline was set on 13 November 2016, but obviously China's State Administration of Foreign Exchange needs more time to go through the details, even if the distributor is confident the acquisition will be closed by end 2016.
Once the deal is closed Ingram Micro will become part of the HNA Group, the largest shareholder of Tianjin Tianhai. Originally the only airline flying from the Chinese tropical island of Hainan, the HNA Group grew into a conglomerate with interests as varied as aviation, real estate, tourism, logistics, education, culture, finance and technology.
Other obstacles previously faced by the acquisition of Ingram Micro include disruption by a Shanghai Stock Exchange probe in July 2016 and a March 2016 lawsuit accusing the buyer of a "grossly inadequate" sale price.