Cicor revises TT Electronics offer
Swiss EMS provider Cicor Technologies has increased its offer for UK-based TT Electronics Plc, introducing a final all-cash bid of 150 pence per share while retaining a share alternative. The revised proposal has been unanimously supported by the board of TT Electronics.
Under the updated terms, TT shareholders may receive 150 pence in cash per share or elect to receive 0.0084 new Cicor shares per TT share, or a combination of both.
The cash offer represents a premium of approximately 58 per cent to TT’s closing price of 95 pence on 29 October 2025. The share alternative is valued at the same – 150 pence per TT share.
Cicor says that it will fund the increased cash consideration through additional debt under an amended bridge facility and plans to raise approximately CHF 75 million via a placing of new shares. Depending on shareholder elections, pro forma net leverage for the enlarged group is expected to be around 2 times by the end of 2026 if all shareholders elect the share alternative, or closer to 2.75 times if all shareholders opt for cash.
The acquisition, if approved via a UK scheme of arrangement, will create one of the world’s largest high-mix, low-volume electronics manufacturing services providers. Cicor said TT’s capabilities in EMS, engineered power systems, and custom components complement its existing operations and provide strategic exposure to key end markets.
Completion of the transaction is expected in the first half of 2026, subject to shareholder and regulatory approvals.
