TE Connectivity agreed to acquire Measurement Specialties (NASDAQ: MEAS), a leading supplier of sensors, for $86 cash per share or a total transaction value of approximately $1.7 billion (including assumption of net debt).
Measurement Specialties, which expects revenue of $540 million in its current fiscal year, offers a broad portfolio of sensor technologies including pressure, vibration, force, temperature, humidity, ultrasonics, position and fluid, for a wide range of applications and industries. The company is based in Fremont, California.
"The acquisition of Measurement Specialties is a key part of our strategy to be a leader in the very attractive, high-growth sensor industry and adds nearly $40 billion to our addressable market," said Tom Lynch, TE Connectivity Chairman and CEO. "We are excited about this acquisition as it enables TE to provide customers with an unmatched range of connectivity and sensor solutions that are essential in a world where everything is increasingly connected. We look forward to combining Measurement Specialties' strong breadth of products and technologies with our deep customer relationships and global scale. We are also delighted to welcome their talented team to TE."
Frank Guidone, CEO of Measurement Specialties, said, "The sensor market is quite strong, with both the number of applications and the content per unit increasing every year. We are excited to expand our product offerings to customers around the world through TE's unparalleled go-to-market capabilities. We look forward to working with TE toward a seamless integration for our customers and employees, and becoming the supplier of choice for customers' sensing requirements."