Cicor Technologies (CICN) M&A Announcement summary

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.