In a major shake-up within the global electronics sector, Smiths Group PLC announced Thursday that it has agreed to sell its Smiths Interconnect division to rival Molex Electronic Technologies LLC for £1.3 billion ($1.7 billion) in cash. The blockbuster deal, guided by White & Case LLP and Jones Day, marks a defining move for both industrial powerhouses as they look to reshape their footprints in aerospace and defense technology.
The acquisition, led by Molex—a subsidiary of U.S. industrial giant Koch Industries Inc.—underscores the company’s ambition to fortify its position in highly specialized markets. Smiths Group, a stalwart of the FTSE 100, said the sale represents a “notable step” in its long-term strategy to streamline operations and sharpen its focus on core industrial engineering activities.
Reinforcing a Global Aerospace Powerhouse
“This deal reinforces our commitment to the aerospace and defense market,” said Joe Nelligan, CEO of Molex. “By combining Molex’s global scale and financial stability with Smiths Interconnect’s complementary technologies and customer relationships, we’ll be able to serve our partners in new and innovative ways.”
Smiths Interconnect and Molex both design and produce mission-critical electronic components, connectors, RF systems, and fiber optic products used in everything from satellites and aircraft to advanced medical devices and semiconductor testing systems. The synergy between their capabilities promises to create one of the most comprehensive portfolios in the high-reliability electronics sector.
For fiscal 2025, Smiths Interconnect reported £86.1 million in EBITDA, underscoring its strong profitability and appeal as a target for strategic buyers.
