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Cicor Technologies (CICN) investor relations material
Cicor Technologies M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Deal rationale and strategic fit
Creates the largest global pure-play EMS provider in the high-mix, low-volume segment, expanding technical and manufacturing capabilities and diversifying the footprint across Europe, North America, and Asia.
Strategic fit leverages TT's engineering strengths and Cicor's global reach, enabling cross-selling and innovation in healthcare, aerospace, defense, and industrial automation.
Accelerates organic growth and provides a robust platform for future high-quality acquisitions in fragmented EMS markets.
Both boards see unmatched synergy potential and a unique strategic fit compared to market peers.
Positions the group as an innovation partner and leader in high-growth, high-value electronics sectors.
Financial terms and conditions
Offer values TT at CHF 303 million equity and CHF 396 million enterprise value; each TT share receives GBP 1.55 (GBP 1.00 cash, GBP 0.55 in Cicor shares).
Cash portion funded by new debt or bridge facility; share portion consists of CHF 108 million in new Cicor shares.
TT shareholders will own about 10% of the enlarged group, Cicor holders 90%.
Premiums: 64% to spot price, 53% to three-month VWAP, 113% to six-month price.
OEP remains the largest shareholder at roughly 38%.
Synergies and expected cost savings
At least GBP 13 million (CHF 14 million) in annual run-rate cost synergies by year three post-completion, with 95% delivered within two years.
Synergies mainly from overlapping head office and senior management roles, duplicate public company costs, and manufacturing process consolidation.
Additional unquantified revenue and cost synergies expected from site consolidation and cross-selling.
One-off integration costs of GBP 16.5 million (CHF 17.5 million) anticipated.
More than 30% EPS accretion projected for FY2028, assuming full run-rate synergies.
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