TE Connectivity to acquire Richards Manufacturing for ~$2.3B to expand energy utility position

TE Connectivity plc

All-cash deal valued at ~$2.3B, subject to customary adjustments, funded via cash and new debt.
Richards has ~$400M annual sales with mid-30% EBITDA margins and double-digit revenue growth.
Acquisition expected to be accretive: ~$0.10 adjusted EPS accretion in first full year, mid-teens ROIC by year 5.
Transaction expected to close in TE's fiscal Q3 2025 (June 2025), pending regulatory approvals.

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