TE Connectivity To Acquire Measurement Specialties For About $1.7 Bln

(RTTNews) - TE Connectivity Ltd. (TEL) announced that it has entered into a definitive agreement to acquire Measurement Specialties, Inc. (MEAS) for $86 cash per share or a total transaction value of about $1.7 billion (including assumption of net debt).

The company noted that the strategic rationale for the acquisition of Measurement Specialties establishes TE as one of the largest sensor companies in the world with the combination of TE's sensor business with Measurement Specialties' leading range of sensors and sensor systems.

Also, TE's scale coupled with Measurement Specialties' broad sensor product range is expected to create double-digit growth in TE's sensor business. TE also expects to achieve significant cost and tax synergies and generate attractive financial returns for its shareholders.

The company said that the combination of Measurement Specialties with TE creates the leading provider of highly engineered connectivity and sensor solutions. This combination will enable TE to provide a broader range of solutions for its customers and will increase TE's content per application.