Cicor Technologies (CICN) M&A Announcement (Media) summary

Deal rationale and strategic fit

• Acquisition creates the largest global pure-play EMS provider in the high-mix, low-volume segment, expanding technical and manufacturing capabilities and diversifying the footprint, with a focus on healthcare technology, aerospace & defense, and industrial automation.

• Accelerates organic growth, enables significant cross-selling, and deepens penetration in key end markets, especially in North America.

• TT's advanced electronics business is highly complementary, expanding technical and manufacturing capabilities and strengthening presence in North America and the U.K.

• Enhances financial profile, builds on a proven track record of successful integrations, and supports further high-quality acquisition opportunities.

• Supports long-term strategy to grow in the fragmented EMS sector and expand customer partnerships in key geographies.

Financial terms and conditions

• Equity value of CHF 303 million and enterprise value of CHF 396 million; offer per TT share is GBP 1.55 (GBP 1.00 cash, GBP 0.55 in Cicor shares).

• TT shareholders receive a 64% premium to spot price and will hold about 10% of the enlarged group; Cicor shareholders will own about 90%.

• Cash component funded by new debt/bridge financing secured with UBS and Commerzbank; share component consists of ~CHF 108 million in new Cicor shares.

• Offer represents a 64% premium to spot price and 53% to 3-month VWAP.

• TT will delist from the London Stock Exchange; combined group will remain listed on SIX Swiss Exchange.

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 reducing 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 estimated at GBP 16.5 million (~CHF 17.5 million), covering restructuring and IT integration.

• More than 30% EPS accretion expected for FY 2028, assuming full run-rate synergies.