Cicor revises its offer for TT Electronics

Swiss EMS provider Cicor Technologies has increased its offer for the UK's TT Electronics Plc, presenting a final, all-cash offer of 150 pence per share, while retaining a share alternative. This revised proposal was unanimously approved by TT Electronics' board of directors. Under the new terms, TT shareholders can receive 150 pence in cash per share, choose to receive 0.0084 new Cicor shares for each TT share, or a combination of both. The cash offer represents a premium of approximately 58% to TT's closing price of 95 pence on 29 October 2025, with the share alternative valued at the same level. Cicor will finance the increased cash portion with additional debt from an amended bridge facility and plans to raise around CHF 75 million through a new share issue. Depending on shareholder choices, the pro forma leverage of the enlarged group is expected to be around 2x by the end of 2026 if all shareholders choose the share alternative, or around 2.75x if all opt for cash. The acquisition, if approved in the UK via a "scheme of arrangement," will create one of the world's largest providers of high-mix, low-volume electronic manufacturing services. Cicor states that TT's expertise in EMS, specialized power systems, and bespoke components perfectly complements its existing business and strengthens its position in strategic end markets. The transaction is expected to be finalized in the first half of 2026, subject to regulatory and shareholder approvals