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Tianjin Tianhai seeks bank backing to buy US computer distributor
CHINESE container shipping firm Tianjin Tianhai Investment Co has approached banks to contribute to a US$4.27 billion loan to finance a $6 billion acquisition of US computer, networking and software distributor Ingram Micro Inc, reports Bloomberg.
Agricultural Bank of China is coordinating the seven-year loan facility, said unidentified sources close to the deal.
The move to transform Tianjin Tianhai into a general logistics operation comes as slowing global trade growth and a mountain of debt claim more casualties in the shipping industry, underscored by the collapse of Hanjin Shipping.
Tianjin Tianhai's Tianjin-based representative declined to comment on the details of the loan when contacted by phone.
The firm is a Shanghai-traded affiliate of Chinese conglomerate HNA Group Co. Tianjin Tianhai unveiled in July that it planned to acquire California-based Ingram Micro, however, the transaction has been held up as US officials assess the deal's implications on national security.
Agricultural Bank of China is coordinating the seven-year loan facility, said unidentified sources close to the deal.
The move to transform Tianjin Tianhai into a general logistics operation comes as slowing global trade growth and a mountain of debt claim more casualties in the shipping industry, underscored by the collapse of Hanjin Shipping.
Tianjin Tianhai's Tianjin-based representative declined to comment on the details of the loan when contacted by phone.
The firm is a Shanghai-traded affiliate of Chinese conglomerate HNA Group Co. Tianjin Tianhai unveiled in July that it planned to acquire California-based Ingram Micro, however, the transaction has been held up as US officials assess the deal's implications on national security.
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