January 9, 2020 / 9:37 PM / 16 days ago

IT solutions firm Synnex to separate into two publicly listed companies

(Reuters) - Synnex Corp (SNX.N) said on Thursday it plans to separate into two publicly listed companies, Synnex Technology Solutions and Concentrix, sending the IT solutions company’s shares up 7% in after-market trading.

Synnex, through its unit BSA Sales, bought Concentrix in 2006 following which BSA and Concentrix combined to form one unit.

Following the separation, which is expected to be completed in the second half of 2020, Synnex shareholders will own shares of both Synnex Technology and Concentrix.

Synnex Corp Chief Executive Officer Dennis Polk will continue in his role at Synnex Technology, while customer experience solutions provider Concentrix will be led by its current President Chris Caldwell.

Unit Synnex Technology had an annual revenue of $19.1 billion in 2019, while Concentrix’s revenue was $4.7 billion during the same period.

The company’s shares were trading at $138 after the bell.

Reporting by C Nivedita in Bengaluru; Editing by Shounak Dasgupta

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