India-based Inflow Technologies Withdraws From Proposed Acquisition By Tech Data

(RTTNews) - Tech Data Corp. (TECD) announced late Sunday that Bangalore, India-based Inflow Technologies has exercised its right to withdraw from closing its acquisition by Tech Data.

Following this, Inflow has paid a break fee to Tech Data, as agreed in their original agreement.

It was on December 16, 2019 that Tech Data entered into an agreement to acquire the business of Inflow Technologies, a value-added distributer with expertise in areas like cybersecurity and networking. The acquisition was expected to close during Tech Data's first quarter of fiscal year 2021.

Jaideep Malhotra, President, Asia Pacific, at Tech Data, now said, "We respect Inflow's decision to go in a different direction. Tech Data is committed to our strategy of delivering higher value by strengthening our end-to-end portfolio and optimizing our global footprint, and we continue to explore opportunities to grow our business in alignment with this strategy."