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Bel acquires TE Connectivity Business Unit
Bel Fuce is acquire TE Connectivity's Transpower magnetics business, making this their forth acquisition in a five month period.
Bel Fuse Inc. have announced that it has signed a definitive agreement to acquire the Transpower magnetics business of TE Connectivity. Bel will pay approximately $22.4 million in cash to acquire the business, which had trailing twelve month revenue of approximately $75 million. The acquisition is expected to be immediately accretive to Bel's earnings. The transaction is expected to be completed in the first quarter of 2013. "This acquisition, Bel's fourth in the past five months, advances our strategy to position the Company for long term growth and profitability. Included in our purchase of the Transpower business are the ICM (integrated connector modules) family of products, including RJ45, 10/100 Gigabit, 10G, PoE/PoE+, MRJ21, RJ.5, a line of modules for smart-grid applications and discrete magnetics. Bel will also receive a license to produce ICM products using TE's planar embedded magnetics technology," said Daniel Bernstein, Bel's President and CEO. "We believe the acquisition of the Transpower business solidifies our position as the world-wide leader for ICM's. The combination of the two businesses will create an exceptional portfolio of products and enhance Bel's leadership in the deployment of next generation ICM's," Bernstein said. Bernstein added, "By selecting Bel as the acquiring company, TE demonstrates its confidence that Bel will provide the same high level of service to customers that continue to purchase from both our companies. Demonstrating our commitment to this goal, Bel will retain the Changping, China manufacturing facility and key North American associates who support the business unit." Houlihan Lokey and Stephens Inc. acted as financial advisors to Bel in this transaction.
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