TE Connectivity has sold Axicom to RCP
TE Connectivity has divested its Axicom high voltage products business division to RCP Group, an independent investment firm based in Munich.
With the sale of Axicom, TE Connectivity has achieved an important milestone in its strategy to further focus its activities. The parties have agreed not to disclose any financial details. The Axicom business is a global manufacturer of advanced products and solutions in the area of high voltage power transmission and holds long-standing relationships with international, blue-chip original equipment manufacturer (OEM) customers. Its product portfolio includes high voltage components and hollow composite insulators for high voltage end applications, such as air/gas insulated switchgears, dead tank breakers, bushings and outdoor cable terminations. The divested business is based in Wohlen, Switzerland, with a global salesforce and employs approximately 150 people. Lincoln International acted as the exclusive mergers and acquisitions (M&A) advisor to TE Connectivity in the carve-out and led the process of the deal from buyer approach and handling, due diligence and negotiations, to the signing of a binding agreement with the buyer, RCP, a press release reads.