TE Connectivity acquiring Richards Manufacturing for $2.3 billion - Global Banking & Finance Review — This image illustrates TE Connectivity's strategic acquisition of Richards Manufacturing for $2.3 billion, highlighting the growing trends in utility grid investments in the finance sector.

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Finance

TE Connectivity to acquire Richards Manufacturing for about $2.3 billion

Published by Global Banking & Finance Review

Posted on February 12, 2025

1 min read

· Last updated: February 12, 2025

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TE Connectivity to Acquire Richards Manufacturing for $2.3B

(Reuters) -TE Connectivity said on Wednesday it would buy utility grid products maker Richards Manufacturing Co from funds managed by Oaktree Capital Management and members of the Bier family for about $2.3 billion in cash.

Shares of the company rose 2% before the bell.

The Galway, Ireland-based company looks to finance the deal through a mixture of cash and debt. It expects the deal to close in its third-quarter ending June.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Savio D'Souza and Sriraj Kalluvila)

Key Takeaways

TE Connectivity to acquire Richards Manufacturing for $2.3 billion.
The acquisition will be financed through cash and debt.
Deal expected to close by the third quarter ending June.
Richards Manufacturing is owned by Oaktree Capital and Bier family.
Shares of TE Connectivity rose 2% following the announcement.

Frequently Asked Questions

What is the main topic?

The main topic is TE Connectivity's acquisition of Richards Manufacturing for $2.3 billion.

Who is selling Richards Manufacturing?

Richards Manufacturing is being sold by Oaktree Capital Management and members of the Bier family.

How will TE Connectivity finance the acquisition?

The acquisition will be financed through a combination of cash and debt.

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