Noerr has advised the US-based AVX Corporation on the takeover of a business division from the UK electronics manufacturer TT Electronics. AVX is acquiring the firm’s automotive segment, the Transportation Sensing and Control (TS&C) division, for around USD155 million.
The strategic takeover will strengthen the manufacturer of electronics components listed on the New York Stock Exchange by adding the skills of a leading developer and producer of sensors and performance electronics for the car industry. The TS&C division is located in a total of nine countries, including Germany, Austria, the UK and the US, and generated sales revenue of approximately USD30 million in 2016 with 1,600 employees.
The takeover still has to be approved by the shareholders and the competition authorities. Closing of the transaction is expected to take place in the first quarter of 2017.