Completion of Divestment
TT Electronics completes divestment of three business units to Cicor Group for £20.8m cash consideration.
- Cash consideration £20.8m
- Proceeds net of transaction costs circa £17.8m
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Further to the announcement of 4 March 2024, TT Electronics plc ("TT"), a global provider of engineered electronics for performance critical applications, is pleased to confirm that the divestment of the three business units within the GMS and Power and Connectivity divisions to the Cicor Group has been completed.
The divestment relates to business units in Hartlepool and Cardiff, UK and Dongguan, China which provide electronics manufacturing services ("EMS") and certain connectivity products, principally to industrial clients. The cash consideration for the divestment is £20.8 million on a cash and debt free basis1, subject to normal completion account adjustments.
Peter France, Chief Executive Officer Mark Hoad, Chief Financial Officer Kate Moy, Head of Investor Relations and Communications
| MHP | Tel: +44 (0)20 3128 8100 |
Tim Rowntree / Ollie Hoare
Notes:
- Proceeds net of transaction costs are expected to be circa £17.8 million
- TT will host a Capital Markets Event on 9 April 2024
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.