Brian Jackson - Fotolia
Ingram Micro's journey to become part of the Tianjin Tianhai Investment Company empire has been one frought with delays with the acquisition now expected to complete at the back end of this year.
The distributor had originally announced plans to be picked up by Tianjin Tianhai and become part of the HNA Group, which specialises in logistics, aviation and tourism in a deal worth $6bn, back in February.
The first delay to the deal came last month when the Shanghai Stock Exchange sent a letter to Tianjin Tianhai asking for more details about the takeover.
The financial instituion was apparently keen to get a clearer idea about how the deal would be funded, along with some idea of what the post-deal exit plan was for Chinese co-investors.
The intervention of the stock exchange caused a delay to the Tianjin Tianhai shareholder meeting that would have approved the deal.
The latest twist comes much closer to home for Ingram with the Committee on Foreign Investment in the United States deciding it now wants to take a close look at the deal.
"Ingram Micro today announced that the End Date by which the acquisition of Ingram Micro by Tianjin Tianhai Investment Company must be completed has been extended to November 13, 2016," the firm stated in an update.
"The extension was made pursuant to the merger agreement among Ingram Micro, Tianjin Tianhai and GCL Acquisition and will allow for completion of the previously announced review of the transaction by the Committee on Foreign Investment in the United States (CFIUS)," it added.
Despite the CFIUS activity the expectation from both Ingram and on the Chinese side is that the deal will still close this year.
CFIUS reviews generally begin with a 30-day window to authorise a transaction or begin a statutory investigation. Should the committee pursue an investigation, it has another 45 days to decide whether to grant the acquisition or order divestment.
According to CIFUS’ most recent Report to Congress, of the 97 transactions reported to CFIUS in 2013, 48 were investigated further.
The timing of the revelation comes against an increasingly tense backdrop in the US over the involvement of the Chinese in business.
Earlier this week it became clear that the Chinese company that is one of the main investors in the Hinkley Point nuclear power station is facing charges of nuclear espionage in the US.