TE Holding and TE have also entered into a business combination agreement with First Sensor AG which outlines the key parameters that will strengthen their combined position in the market of sensor technology.
Further, TE Connectivity has also announced the decision to make an offer for all outstanding shares of First Sensor AG.
The acquisition aims to extend 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 solution 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.
“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.
The transaction, including the assumption of First Sensor’s outstanding net debt and minority interest, is valued at approximately EUR 307 million, read the press release.
TE expects to complete this acquisition by mid-2020 at the latest.