Transaction Details

June 3, 2019
Frankfurt

Sector

Technology

Deal Type

M&A

Deal Value

€307

Deal Team

Tobias Schultheiss, Malte Abrams

GCA Altium advises Deutsche Private Equity on the business combination between First Sensor and TE Connectivity

GCA Altium acted as exclusive financial advisor to Deutsche Private Equity on the business combination between its portfolio company First Sensor AG and TE Connectivity Sensors Germany Holding AG, an affiliated company of TE Connectivity Ltd.
 
The transaction with TE allows First Sensor with its market-leading product portfolio to become part of a global technology and manufacturing leader for connectivity and sensor solutions and provides the scale, customer base and existing sensor expertise to create a more comprehensive offering to a deeper and broader customer base. First Sensor will extend TE’s already extensive sensors product range and will add application solutions in key growth markets, particularly in Industrial, Medical and Mobility.

First Sensor (SIS) was founded as a technology start-up in the early 1990s and is today a global player in sensor technology. Based on their know-how in chip design and production as well as microelectronic packaging, standard sensors and customer-specific sensor solutions are developed in the fields of photonics, pressure and advanced electronics for the ever-growing demand in key applications for the target markets of Industrial, Medical and Mobility. First Sensor has been listed on the Frankfurt Stock Exchange since 1999.
 
TE Connectivity Ltd. (TEL) is a $14 billion global technology and manufacturing leader creating a safer, sustainable, productive, and connected future. For more than 75 years, their connectivity and sensor solutions, proven in the harshest environments, have enabled advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. TEL employs 80,000 people, including more than 8,000 engineers who work alongside customers in approximately 140 countries.

The transaction, including the assumption of First Sensor’s outstanding net debt and minority interest, is valued at approximately €307 million. The tender offer will have no minimum acceptance threshold but will be subject to receipt of necessary antitrust and other regulatory clearances, as well as other customary closing conditions.
 
“With regard to our business model and product portfolio, a combination of First Sensor’s and TE’s businesses offers a strategic advantage and significantly furthers the business opportunities for both companies. The value and the growth prospects of our attractive technology portfolio and application solutions in the Industrial, Medical and Mobility target markets are reflected in the current offer,” commented Dr. Dirk Rothweiler, CEO of First Sensor AG. “At the same time the transaction is a clear opportunity for growth for First Sensor’s workforce.”
 
The transaction is expected to close by mid-2020 at the latest.

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