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Tyco Electronics buys ADC

14-Jul-2010

NEW YORK (Dow Jones)--Tyco Electronics Ltd. (TEL) agreed to buy ADC Telecommunications Inc. (ADCT) for roughly $1.24 billion as the diversified electronics-component manufacturer bolsters its portfolio of communications gear.

Tyco, which will pay $12.75 per share in cash, said it believes the acquisition will add 14 cents per share in earnings in the first full year. The companies expect to close the deal by the fourth quarter.

Switzerland-based Tyco plans to wed ADC's wired and wireless equipment business with its own portfolio of wireless connectivity products, allowing the two to better win business from telecommunications companies and large business customers. The deal underscores the growing demand for select equipment to handle higher volumes of wireless and wired data traffic, but also the need for consolidation in the industry.
What this will mean to the local market we aren't sure


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