TT Electronics PLC to Acquire Stadium PLC
TT Electronics PLC (OTC:TTGPF) announced it will acquire Stadium Group PLC for GBP 45.8M.
The company will acquire Stadium Group for 120 pence per share. The company expects the acquisition to be immediately accretive to earnings.
According to a TT Electronics produced slide show, Stadium is a supplier of design-led technologies; products include connectivity solutions, power supplies, human machine interface (HMI) and electronic assemblies. The expected synergies will arise from “removal of PLC cost duplication, consolidation of sales and operations networks in North America, and procurement savings.”
Stadium Group has three research and development and seven manufacturing centers across the UK, Scandinavia, and Asia. With 60% revenue coming from technology products in 2016, and 40% from EMS, the company is expected to add design capabilities and a complementary customer base to TT Electronics’ business.
“The acquisition of Stadium is an important step to accelerate our strategy of building leading positions in sectors where increasing electrification is fuelling demand for our highly engineered electronic solutions,” said TT Chief Executive Officer Richard Tyson.
