HNA Technology Co Ltd has reported the same in a filing to the Shanghai stock exchange albeit without disclosing the name of the buyer.

On Monday, as per China’s HNA Technology Co Ltd’s filing to the Shanghai stock exchange, it is holding preliminary talks with a concerted party to sell U.S. electronics distributor Ingram Micro Inc, as part of its parent group’s efforts to downsize operations.

According to HNA Technology, a listed arm of Chinese conglomerate HNA Group Co, discussions are at a preliminary stage.

“Due to changes in market conditions and the company’s strategy, the company is in talks with a concerned party on selling Ingram Micro,” said HNA Technology in its exchange filing.

On Friday, Reuters had reported citing a source that the HNA Group was holding talks to sell Ingram Micro to private equity firm Apollo Global management LLC.

In September 2018, HNA Technology had stated, it had $3.55 billion in outstanding debt from the purchase of Ingram Micro, of which $350 million was due for payment this year.