China airline conglomerate HNA acquired Ingram Micro in 2016 for $6 billion cash.
Less than 3 years later (and with HNA struggling badly, e.g., Ingram Micro Owner HNA Declares "Victim of Conspiracy Against China"), HNA has confirmed in a Chinese stock filing that it is working on selling Ingram Micro.
The WSJ has reported that ADT's owner, Apollo, is having the most advanced discussions with HNA:
Apollo made an offer for Ingram two weeks ago, the people said, but HNA rebuffed it as too low. HNA is hoping to sell Ingram for $7.5 billion, including $1.5 billion in debt, one of the people said. Apollo and HNA are currently in talks to see if a deal can be reached, the people said.
Other U.S. private-equity firms have expressed interest in Ingram, though the Apollo discussions currently appear the most advanced, some of the people said. There is no guarantee any deal for Ingram will be reached.
This is a bit of a fire sale, not because of Ingram's performance but because HNA has such significant debts and because HNA paid a nearly 40% premium when they acquired Ingram.