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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.

Legal Titans Power the Cross-Border Deal

A web of elite law firms is steering the complex multinational acquisition.
Freshfields Bruckhaus Deringer LLP is leading for Cicor, with Baker McKenzie serving as its Swiss legal adviser, under partner Matthias Courvoisier, alongside Susanne Liebel-Kotz and Manuel Meyer.

On the TT Electronics side, Allen Overy Shearman Sterling is advising the company, with Schellenberg Wittmer as its Swiss counsel.

The deal still requires regulatory and merger approvals across the U.K., Australia, Germany, Mexico, and the U.S., as well as foreign investment clearances in the U.K., France, Italy, and the U.S.

TT Board Backs the Offer After Rejecting Rival Bid

TT’s board announced it would “unanimously recommend” Cicor’s offer, a stark contrast to its earlier rejection of a £248.6 million bid from Volex PLC in November, which it claimed “fundamentally undervalued” the company’s potential.

Cicor has also secured support from Aberforth Partners LLP, a key TT shareholder holding about 10% of shares, through a non-binding letter of intent.

A New Global Contender Emerges

With both companies joining forces, the merger is set to produce a nimble, innovation-driven manufacturing leader. Prioritizing flexibility and specialized production over mass output, the combined entity aims to redefine what agility means in the electronics and engineering sectors—a shift poised to reverberate across Europe and beyond.