Acquisition will add to TE’s integrated sensor solutions offering in industrial, medical and transportation applications for a wide range of global customers
SCHAFFHAUSEN, Switzerland –June 3, 2019 – TE Connectivity Sensors Germany Holding AG (TE Holding), a wholly owned subsidiary of TE Connectivity Ltd. (NYSE: TEL) (TE), a global industrial technology company with leading positions in connectivity and sensing solutions, announced today its decision to make a voluntary public tender offer for all outstanding shares of First Sensor AG (XTRA: SIS) (First Sensor), a provider of sensing solutions based in Germany (ISIN DE0007201907).TE Holding and TE have also entered into a business combination agreement with First Sensor which outlines the key parameters that will facilitate the combination of both companies.The management board and supervisory board of First Sensor welcome and, subject to a review of the offer document, support the offer. Additionally, shareholders representing approximately 67% of the outstanding shares have already agreed to irrevocably tender their shares into the offer.
The acquisition of First Sensor will expand TE’s global leadership in highly engineered sensors, particularly in industrial, medical and transportation applications. Upon completion, the transaction would bring together First Sensor’s solutions, including low-pressure sensing and photonics,with TE’s operational scale, customer base and existing sensors technologies into a more comprehensive global sensing solutions offering for customers.
“Adding the First Sensor portfolio and customer set to TE’s already extensive sensors offering will provide additional application solutions in key growth industries,” said Terrence Curtin, chief executive officer of TE Connectivity. “As a global industrial technology leader, our current and prospective customers seek an increasingly broad range of integrated sensor solutions to meet their growing connectivity demands. The combination of both companies’ complementary technologies and engineering expertise will allow us to further address strategic applications closely aligned with several long-term global growth trends in industrial, medical and transportation markets.”
“The business combination agreement announced today with TE represents an exciting new chapter for First Sensor, allowing our market-leading portfolio to be part of a larger, more integrated offering available to a deeper and broader customer pool, ” said Dr. Dirk Rothweiler, chief executive officer of First Sensor AG.
Under the terms of the offer for First Sensor shares, TE will offer €28.25 per share in cash.The transaction, including the assumption of First Sensor’s outstanding net debt and minority interest, is valued at approximately €307million ($343 million).Completion of the offer will be subject to customary closing conditions, including regulatory approvals, and the offer will not be subject to reaching a minimum acceptance threshold. TE expects to complete this acquisition by mid 2020 at the latest. Additional public details and documents concerning this transaction may be found at: www.sensor-offer.com.