TE Connectivity to buy First Sensor

June 03, 2019 //By Peter Clarke
TE Connectivity to buy First Sensor
Connector and sensor company TE Connectivity Ltd. (Schaffhausen, Switzerland) has agreed to acquire First Sensor AG (Berlin, Germany) for €307 million.

First Sensor will be added to TE Connectivity's existing sensor businesses while extending the reach and depth of the offering for industrial, medical and mobility applications, First Sensor stated.

The TE offer is set at €28.25 per share and represents a premium of 14.6 percent over the closing price as of 24 May, 2019. The deal is backed by the executive and supervisory boards of First Sensor and shareholders representing approximately 67 percent of the outstanding First Sensor shares.

The CEO of First Sensor, Dirk Rothweiler, intends to continue his position in the company after completion of the takeover offer.

The offer document is expected to be published early in July 2019 and the deal to close mid 2020 at the latest.

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