Amphenol Corporation – a leading global provider of high-technology interconnect, antenna and sensor solutions – announced a definitive agreement to acquire the Carlisle Interconnect Technologies (CIT) business of Carlisle Companies Incorporated for $2.025 billion in cash, subject to customary post-closing adjustments.
CIT is a global supplier of harsh environment interconnect solutions primarily to the commercial air, defense and industrial end markets, and is expected to have 2024 sales and adjusted EBITDA margin of about $900 million and 20%, respectively. And the company’s wide range of products including wire and cable, cable assemblies, contacts, connectors and sensors are highly complementary to Amphenol’s existing interconnect and sensor solutions.
Assuming a continuation of current economic conditions, CIT is expected to be accretive to Amphenol’s EPS in the first year post closing, excluding acquisition-related costs. And the acquisition of CIT will be financed through a combination of cash on hand and the company’s existing credit and commercial paper facilities. The transaction is expected to be completed by the end of the second quarter of 2024 and is subject to certain regulatory approvals and other customary closing conditions.
Evercore is serving as Amphenol’s financial advisor for the transaction and Latham & Watkins, LLP is acting as its legal advisor.
KEY QUOTE:
“We are excited to welcome CIT’s approximately 6,000 talented employees to the Amphenol family. CIT’s highly engineered harsh environment interconnect solutions will allow us to deliver a more comprehensive technology solution for the increasingly complex applications of our customers in harsh environment markets. We look forward to benefiting from this enhanced position with these important customers in the commercial air, defense, and industrial markets long into the future. In addition, we are excited by the possibilities created through the combination of Amphenol’s strong operating discipline and CIT’s advanced capabilities. We look forward to working together with CIT’s experienced management team to drive superior operating performance for the business as part of Amphenol. The addition of CIT represents another step forward for our long-term and successful acquisition program, which we believe will continue to create value for the Company long into the future.”
- Amphenol President and Chief Executive Officer, R. Adam Norwitt
