Reuters reveals buyout firm Apollo Global in $5 billion bid for Tech Data; market reacts

Tech Data Corp shares rose as much as 15% after Reuters exclusively reported that private equity firm Apollo Global Management had approached the U.S. information technology equipment distributor with an offer to acquire it for close to $5 billion. Apollo’s move comes as Tech Data’s shares are already hovering at all-time highs, amid investor optimism that demand from small and medium-sized businesses for its offerings will remain strong despite concerns about the U.S. economy cooling.