Cicor to acquire TT Electronics in £287 million deal
Swiss EMS provider Cicor Technologies has announced its intention to acquire UK-based TT Electronics plc, in a deal supported by TT’s board of directors.
Under the terms of the offer, TT shareholders will receive 100 pence in cash and 0.0028 Cicor shares per TT share, representing an additional 55 pence based on Cicor’s share price on October 29, 2025. The offer values each TT share at 155 pence, implying a total equity value of approximately CHF 303 million (GBP 287 million or EUR 326 million).
The proposed acquisition is expected to be put to a shareholder vote in December 2025. Subject to approval and regulatory clearances, completion is targeted for the first half of 2026.
Following completion, TT shareholders are expected to own around 10% of the enlarged Cicor Group. TT will be delisted from the London Stock Exchange.
Cicor said the acquisition would create the largest pure-play global EMS business in the high-mix, low-volume segment, combining TT’s engineering and component manufacturing capabilities with Cicor’s full-cycle electronics expertise. The merged company is expected to generate revenues exceeding CHF 1.2 billion (EUR 1.3 billion)and achieve "sector-leading EBITDA margins," according to Cicor..
Cicor’s Chairman Daniel Frutig, CEO Alexander Hagemann, and CFO Peter Neumann will continue in their current roles after the transaction. TT’s CEO Eric Lakin will join the combined management team and play a key role in the integration process. Cicor also intends to appoint one TT non-executive director to the Cicor board following completion.
The companies said the merger will enhance their global footprint and technical capabilities, accelerate organic growth, and deliver “strong synergy potential.”
The offer is conditional on approval by a majority of TT shareholders – more than 50% by number and 75% by value – as well as regulatory approvals in relevant jurisdictions.
If approved, the deal will mark a major consolidation in the European EMS industry, reinforcing Cicor's strategy to expand in high-growth industrial, aerospace and defence, and healthcare technology markets.
