The Los Angeles-based private equity firm Platinum Equity announced that it has agreed to acquire Irvine, California-based technology distributor Ingram Micro Inc. for $7.2 billion. Platinum is acquiring the business from HNA Technology Co. Ltd, a part of HNA Group.

“Ingram Micro is an industry leader, one of the largest companies in the world and will be a cornerstone investment in our portfolio,” said Platinum Equity Chairman and CEO Tom Gores. “We have the resources and the experience to help the company pursue an aggressive agenda of growth and transformation.”

Ingram Micro boasts more than 35,000 employees, operations in 60 countries, more than 250,000 customers and more than 2,000 vendors. Upon closing, Alain Monié will continue to serve as Ingram Micro’s CEO, and the company will continue to be headquartered in Irvine.