TE makes a bid to acquire Schaffner
TE Connectivity has entered into a definitive agreement Swiss electromagnetic solutions specialist Schaffner to acquire the company in a deal worth EUR 335 million.
TE will launch an all-cash public tender offer for all publicly held registered shares of Schaffner for CHF 505 (EUR 528) per share, which values the Swiss company at EUR 335 million.
The acquisition will add EMC filter product offering to TE’s connectivity and sensing portfolio for high-growth industrial and automotive applications.
"EMC filters represent an essential component technology in many of our fast-growing applications, such as motion control, robotics, industrial machinery, medical equipment and e-mobility. Combining TE’s portfolio breadth and global customer reach with Schaffner’s product portfolio, engineering expertise and manufacturing capabilities will strengthen the value proposition to our customers," says Vish Ananthan, senior vice president and general manager of TE’s Industrial business unit, in a press release.
Headquartered in Switzerland and with subsidiaries around the world, Schaffner is a specialist in electromagnetic solutions that ensure the efficient and reliable operation of electronic systems. The Schaffner Group provides EMC filter solutions, harmonic filters, electromagnetic components and electromagnetic solutions.
"The agreement announced today marks a new chapter for Schaffner," says Marc Aeschlimann, chief executive officer of Schaffner. "The business is well positioned to build on its market-leading position and grow further by leveraging TE’s global presence and scale, customer reach across multiple market segments, and manufacturing and logistics capabilities."