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Several Chinese groups, including Huarong Asset Management, have been in discussions this year to buy Ingram Micro from HNA Group as the once-acquisitive conglomerate continues its efforts to retrench, according to sources with knowledge of the talks. The U.S. IT parts distributor, which HNA bought for $6 billion (4.5 billion pounds), is part of the $50 billion worth of deals the conglomerate announced over the past two years. Now, faced with soaring debts and Beijing's crackdown on aggressive dealmaking firms, HNA is looking to raise cash through sales.
Electronics distributor Ingram Micro Inc, owned by Chinese conglomerate HNA Group, plans to apply for financing of up to $4 billion (2.90 billion pounds) from financial institutions in 2018, according to a regulatory filing from its owner. HNA Technology Co Ltd , a unit of HNA that owns Ingram Micro, said in a filing to the Shanghai Stock Exchange late on Friday regarding its 2018 financing plans that Ingram Micro and subsidiaries plan to apply for the equivalent of that amount, while its other subsidiary GCL Investment Holdings plans to apply for up to $2 billion. HNA, a transportation and hospitality group headquartered in Hainan, had been on an international buying spree before it ran into financial difficulties in recent months.