Amphenol Corporation, known for its advanced interconnect, antenna, and sensor solutions, has confirmed plans to buy the Carlisle Interconnect Technologies (CIT) arm of Carlisle Companies Inc. The deal is worth $2.025 billion in cash, however, the final conditions are subject to ordinary post-closing modifications.
CIT employs approximately 6,000 individuals and chiefly caters to the commercial air, defense, and industrial end markets with sturdy environment interconnect solutions. By 2024, the business's sales and adjusted EBITDA margin are projected to be around $900 million and 20%, respectively.
Amphenol notes that CIT’s diverse products - which include wire and cable, cable assemblies, contacts, connectors, and sensors - align well with its existing interconnect and sensor solutions.
The acquisition of CIT is forecasted to raise Amphenol’s earnings per share within the first year after the deal is finalized, excluding any costs related to the acquisition.
The transaction is set to conclude by the second quarter of 2024, provided regulatory approvals are obtained and other routine closing conditions are met.
The acquisition expenses will be covered by a combination of available cash as well as Amphenol’s ongoing credit and commercial paper facilities.
