Tech Data (TECD) : Apollo (APO) buyout interest?

Private equity firm Apollo Global Management LLC is potentially interested in buying Tampa Bay's largest public company, according to a Tuesday report from Reuters.

 

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New York-based Apollo has approached Clearwater-based Tech Data Corp. (NASDAQ: TECD) with an offer to acquire the company for close to $5 billion. Reuters sources people familiar with the matter.

A spokesman for Tech Data said the company does not provide comment on market rumors or speculation.

Apollo is offering to pay $130 per share in cash for Tech Data, according to the report. Tech Data's stock closed at $111.34 on Tuesday. Shares jumped more than 13 percent after hours as the news broke Tuesday evening, settling at $126.50 per share.

Check back for more as this is a developing story.

The tech manufacturing company reported $37.24 billion revenue in 2018. The company employs over 2,100 people locally and 14,000 companywide, according to Tampa Bay Business Journal research.

In August, Tech Data posted increased earnings with net income up 27 percent to $98.6 million in the fiscal second quarter. At the time, Tech Data’s CEO Rich Hume credited the growth to the company’s portfolio and ability to follow demand. Read more here about Tech Data's second quarter earnings.