Ingram Micro's new owner continues buying spree
Ingram Micro’s new parent, HNA Group, has continued its buying spree, investing in Virgin Australia to the tune of AU$159 million.
China's Tianjin Tianhai acquired the distributor earlier this year in a US$6 billion deal, which sees Ingram Micro becoming part of HNA Group, which has its roots in aviation, tourism and logistics.
HNA Group is the largest private operator of airlines in China.
The company’s HNA Aviation Group division has signed a heads of agreement to form a strategic commercial alliance with Virgin Australia with the two companies looking to introduce direct flights between Australia and China.
The companies will also co-operate on comercial functions including code-sharing, frequent flyer programs, lounge access and promotion of tourism and business travel.
The deal will see HNA taking a shareholding of around 13%, with the company able to nominate a director to the Virgin Australia Group board.
The Ingram Micro acquisition is due to close in the second half of 2016.