Swiss electronics manufacturer Cicor Technologies Ltd. announced Thursday it will acquire British engineering group TT Electronics PLC in a £287 million ($378.2 million) cash-and-share transaction, marking a bold expansion move in a fragmented global manufacturing market.
Under the deal, **Cicor—listed on the SIX Swiss Exchange—**will pay 100 pence in cash and 0.0028 new Cicor shares for every TT share, valuing the stock at 155 pence based on Cicor’s most recent closing price. This figure represents a 63.5% premium over TT’s Thursday closing price of 94.85 pence on the FTSE All-Share Index, and a 53% premium over its three-month average.
Once the acquisition is finalized, TT shareholders will hold around 10% of the enlarged Cicor Group, which is expected to close in the first half of 2026.
A Deal Poised to Redefine the Industry
Cicor’s Chief Executive Alexander Hagemann described the deal as a “decisive, transformative step” for the company.
“It enables us to serve customers as a true innovation partner in high-growth sectors such as aerospace and defense and healthcare technology, whilst maintaining a strategic focus on industrial automation,” he said.
The merger will create a global powerhouse generating more than 1.2 billion Swiss francs ($1.5 billion) in revenue, with pre-tax margins near 11%. Cicor expects to realize £13 million in cost savings within three years—most of it by year two—while incurring £16.5 million in integration costs.
Cicor plans to finance the cash portion through a £195 million senior term loan and execute the transaction via a court-sanctioned scheme of arrangement under Part 26 of the U.K. Companies Act 2006.
