Cicor Technologies, a global provider of full-cycle electronic solutions for the healthcare technology, industrial, aerospace, and defense sectors, has announced its firm intention to acquire UK-based TT Electronics plc, a London Stock Exchange-listed engineered electronics company serving performance-critical applications. The Board of Directors of TT Electronics has unanimously supported the offer, and TT shareholders are expected to vote on the transaction in December 2025.
Under the terms of the offer, TT shareholders will receive 100 pence in cash and 0.0028 Cicor shares per TT share, equivalent to 55 pence based on Cicor’s share price as of October 29, 2025. The transaction represents a total equity value of approximately CHF 303 million (around £287 million). Following completion, TT shareholders are expected to own about 10% of the enlarged Cicor Group.
If approved, the transaction will create the world’s most extensive pure-play electronics manufacturing services (EMS) provider in the high-mix, low-volume segment. The combined group is expected to generate over CHF 1.2 billion in annual revenue and maintain sector-leading EBITDA margins. The merger combines TT’s engineering and manufacturing capabilities in power systems, cable assemblies, magnetic components, and human-machine interfaces with Cicor’s established strengths in high-specification markets.
Cicor said the acquisition aligns with its long-term strategy to expand in the fragmented EMS market through innovation, strategic partnerships in growth sectors, and continued investment in high-value, complex applications. The company expects to build on its proven track record of acquisitions, enhancing both its technical scope and geographic footprint.
Following completion, the combined group will remain listed on the SIX Swiss Exchange, while TT will delist from the London Stock Exchange. Cicor’s current leadership—Chairman Daniel Frutig, CEO Alexander Hagemann, and CFO Peter Neumann—will continue in their roles. TT CEO Eric Lakin will join the combined group’s management team and play a key role in the integration process. Cicor also plans to appoint one non-executive director from TT’s board to its own board at the next AGM, with the remaining TT non-executive directors stepping down upon completion.
The acquisition will be financed through a committed bridge facility. Implementation will occur via a UK scheme of arrangement under the UK Takeover Code, subject to court sanction, regulatory approvals, and TT shareholder approval representing more than 50% by number and 75% by value of those voting. Completion is expected in the first half of 2026.
KEY QUOTES:
“The combination of Cicor and TT Electronics will create a leading global EMS provider with enhanced scale, capability, and geographic reach. This partnership is a natural fit and represents a significant step forward in our strategy to become a truly global, high-value electronics group.”
Alexander Hagemann, CEO, Cicor Technologies
“Cicor and TT share a common vision of building a differentiated, innovation-driven EMS business serving customers in industrial, aerospace and defense, and healthcare markets. Together, we will be even better positioned to meet the complex needs of our global customer base.”
Daniel Frutig, Chairman, Cicor Technologies
“The Board of TT Electronics unanimously supports this offer, which provides our shareholders with immediate value and the opportunity to participate in the growth potential of the combined group.”
Eric Lakin, CEO, TT Electronics
