| Central Penn Business Journal
EU approves $2B TE Connectivity acquisition of Deutsch
A regulatory body of the European Union has given its approval for TE Connectivity Ltd., the Switzerland-based electronics manufacturer with a large midstate presence, to acquire Deutsch Group from its French parent company in a $2 billion deal.
The European Commission, an agency similar to the U.S. Federal Trade Commission, approved the acquisition Monday. It said the deal would not present anti-competitive conditions in European markets because the companies' main product offerings are on different ends of the spectrum.
TE Connectivity announced the acquisition of Deutsch from Wendel in November and refinanced debt in February to provide the funding alongside available cash. Deutsch makes electronic components for hazardous environments including aerospace, defense, and oil and gas production.
Additional information about the deal's standing with U.S. regulatory agencies, as well as an expected closing date, were not available at this time, TE Connectivity spokesman Mike Ratcliff said. The company said earlier the deal was expected to close in the first half of the year.
TE Connectivity, which has engineering and administrative offices in Dauphin County, trades its shares on the New York Stock Exchange under the ticker symbol TEL.
Wendel trades its stock on the Euronext under the ticker symbol MF.