M&A - TE Connectivity plc

Form Type: 8-K

Filing Date: 2025-05-09

Corporate Action: Acquisition

Type: Update

Accession Number: 000110465925046750

Filing Summary: On May 9, 2025, TE Connectivity plc announced the termination of a 364-Day Senior Credit Agreement that supported borrowings related to the acquisition of the Richards Manufacturing business, completed on April 1, 2025. Following the issuance of new senior notes totaling $900 million, the company will terminate the credit facility on May 16, 2025, having had no outstanding borrowings as of May 9. In addition, TE Connectivity issued $450 million in Senior Notes due 2031 and another $450 million due 2035. The proceeds will aid in general corporate purposes, specifically for repaying debt incurred during the recent acquisition. The newly issued notes are fully guaranteed by TE Connectivity and its Swiss subsidiary, ranking equally with existing senior debts of Tyco Electronics Group S.A. Moreover, adjustments to the commercial paper program will lower its capacity from $2.75 billion to $1.25 billion.

Form Type: 8-K

Filing Date: 2025-05-06

Corporate Action: Acquisition

Type: Update

Accession Number: 000110465925045083

Filing Summary: On May 6, 2025, TE Connectivity plc's wholly-owned subsidiary Tyco Electronics Group S.A. issued €500,000,000 aggregate principal amount of its 2.500% Senior Notes due 2028. The net proceeds from this sale, amounting to approximately €496.3 million after deducting underwriters' discounts, will be used for general corporate purposes, primarily for the repayment of indebtedness in connection with the acquisition of the Richards Manufacturing business. The Notes are governed by an amended and restated indenture dated January 31, 2025 and are fully guaranteed by TE Connectivity and its Swiss subsidiary. These securities rank equally in payment rights compared to existing and future senior debt, and have been offered under an underwriting agreement dated April 29, 2025, involving multiple underwriters. TE Connectivity issued a press release on April 29, 2025, regarding the pricing of the Notes, and additional opinions of counsel about the validity of the Notes and Guarantees were also filed as exhibits to the report.

Form Type: 8-K

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925030569

Filing Summary: On April 1, 2025, TE Connectivity plc announced the completion of an acquisition involving the Richards Manufacturing business. The acquisition was executed under a Transaction Agreement dated February 11, 2025, with TE Connectivity Corporation acting as the buyer and Relay Holding, LLC involved in the transaction. TE Connectivity plc serves as a guarantor for certain obligations under this agreement. Details regarding the complete terms and conditions of the Transaction Agreement will be made available in the Company’s next Quarterly Report on Form 10-Q.

Form Type: 8-K

Filing Date: 2025-02-12

Corporate Action: Acquisition

Type: New

Accession Number: 000110465925011808

Filing Summary: On February 11, 2025, TE Connectivity plc entered into a Transaction Agreement wherein its subsidiary, TE Connectivity Corporation, will acquire the Richards Manufacturing business. This involves a sale of membership interests by two entities, Blocker V Seller and Blocker VI Seller, to the Buyer, followed by a merger of a subsidiary into Relay Holding, LLC. TE Connectivity acts as a guarantor for certain obligations of the Buyer under this Agreement. The total consideration for the acquisition is approximately $2.3 billion, expected to be funded by cash and debt financing. Closing is subject to customary conditions, including regulatory approvals and the absence of material adverse effects.

Form Type: 10-Q

Filing Date: 2025-01-24

Corporate Action: Merger

Type: Update

Accession Number: 000155837025000397

Filing Summary: On January 17, 2025, TE Connectivity plc reported its quarterly financial results for the period ended December 27, 2024. Key highlights include net sales of $3.84 billion, a slight increase compared to the prior year. The report shows a net income of $528 million, down from $1.80 billion in the same quarter of the previous year, influenced by changes in tax expenses and other charges. The company also faced restructuring costs amounting to $50 million. Furthermore, following the merger of TE Connectivity Ltd. with TE Connectivity plc on September 30, 2024, the corporate jurisdiction changed from Switzerland to Ireland, impacting the structure of its share distribution. The company continues its operations post-merger without anticipated material changes in its financial results. Overall, despite the decline in profit, the firm maintains its market presence with a restructuring aimed at a more efficient operation across its segments.