Apollo completes purchase of Tech Data
June 30, 2020 - Tech Data, an IT distributor headquartered in Clearwater, is now a privately owned firm. Funds associated with Apollo Global Management completed the $6 billion purchase earlier today. Rich Hume, Tech Data CEO, will continue to lead the company from its Clearwater headquarters, a news release said. "Having a single, strategic equity owner that’s fully aligned with our mission we believe gives us a real advantage in accelerating our transformational strategy and allows us to think more creatively – without the short-term demands that can come with public ownership," Hume said in the news release. Tech Data had been the largest publicly traded firm in the Tampa-St. Petersburg area prior to the deal, with nearly $37 billion in sales last year.On the same day the Apollo purchase closed, Tech Data announced it would invest about $750 million in digital transformation initiatives over the next five years.