Listed Swiss electronics firm Cicor Technologies Ltd has made a £287 million offer for UK-based TT Electronics Plc.
Cicor is a global provider of full-cycle electronic solutions for the healthcare technology, industrial, and aerospace & defense sectors. TT, listed on the London Stock Exchange, is a provider of engineered electronics for ‘performance critical’ applications.
TT shareholders are expected to vote on the transaction in December 2025. The offer has the full support of the board at TT, which has gone through operational and some leadership changes in recent months, and revealed plans to close its site in Texas in June.
“There remain several challenges and the overall market is impacted by tariff related order delays, some end market weakness and an uncertain macroeconomic outlook,” TT stated.
“Against this background, the TT directors remain confident in the long-term prospects of the business. However… investor sentiment in the UK public markets, particularly towards companies with market capitalisations of a smaller scale, remains subdued and is set against a backdrop of elevated geopolitical and macroeconomic volatility.
“Accordingly, the TT directors consider that the prospect of a sustained and material re-rating of TT Shares in the near term is limited.”
The offer values each TT share at 155 pence, with a cash component of 100p and a share component of 55p. The cash consideration will be financed by debt to be incurred by Cicor under a committed bridge facility.
The offer represents a premium of approximately 64% to the closing price of 95 pence per TT share on Wednesday. Should shareholders vote the deal through, they are set to own approximately 10% of the enlarged group.
The transaction requires approval by TT shareholders representing more than 50% by number and 75% by value of those voting. No shareholder approval is required from Cicor.
The deal would see TT de-list from the London Stock Exchange, with the combined group remaining its listing in Switzerland. Eric Lakin (pictured), CEO of TT, is expected to join the combined group management team.
The enlarged Cicor Group will operate an agile and competitive platform through the combination of TT’s global manufacturing footprint across North America, the UK, China and South-East Asia, and Cicor’s base across the UK, Europe, China and South-East Asia.
The firms said the acquisition presents a significant opportunity in the US to leverage TT’s manufacturing sites and Cicor’s operational expertise to accelerate revenue growth in the United States.
“The TT directors consider that TT’s insufficient scale has affected its growth and profitability, and has constrained its ability to optimise its portfolio,” said Warren Tucker, chair of TT.
“In addition, the uncertain macroeconomic and geopolitical outlook represent elevated risks given TT’s scale. Furthermore, the TT directors are cognisant of the challenges and low trading liquidity that companies of TT’s size face in the UK public markets.
“Against this background, TT has undertaken a number of actions to stabilise and improve its financial and operational performance, particularly during 2025, and the business is currently growing strongly in Europe.
“The TT directors believe that these recent steps have better positioned TT to deliver value for shareholders in the long-term and have created a stronger foundation from which to enter into a transaction.”
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