Amphenol Corp offers to buy FCI Asia for $1.28 bln
(Reuters) – Amphenol Corp, a maker of electronic and fiber optic connectors, said it made a binding offer to acquire Singapore-based electronic connectors maker FCI Asia Pte Ltd for $1.28 billion to strengthen its telecom products business.
Amphenol said on Monday that it would finance the deal through a combination of cash and debt.
FCI, owned by affiliates of private equity firm Bain Capital, is expected to generate sales of about $600 million in 2015, Amphenol said. FCI has about 7,400 employees.
“FCI has enormous technological capabilities in the development of high-speed, input-output, power and miniaturized interconnect products,” Amphenol Chief Executive R. Adam Norwitt said in a statement.
The company has been looking to expand through acquisitions.
It bought General Electric’s advanced sensors business for about $318 million in 2013 and Casco Automotive Group, a supplier of engineered data connectivity, power, charging and sensor products for about $450 million in 2014.
Amphenol said the deal would add to its earnings in the first year after the transaction closes, expected by the end of 2015.
The Wallingford, Connecticut-based company’s shares closed at $55.68 on the New York Stock Exchange on Friday. (Reporting by Ankit Ajmera in Bengaluru; Editing by Kirti Pandey)