Knowles to acquire Cornell Dubilier for $263M; exploring strategic alternatives for Consumer MEMS Microphones

Knowles Corp

Acquire Cornell Dubilier for $263M total: $140M cash at close + $123M interest-free seller note.
CD has >$135M annual revenue; adds film, electrolytic, mica capacitors; accretive to non-GAAP EPS in 2024.
Evaluating strategic alternatives for Consumer MEMS Microphones segment; Jefferies LLC engaged.
Acquisition expected to close in Q4 2023, subject to regulatory approvals and customary conditions.
Pro forma leverage ~1.4x EBITDA; maintains balanced capital deployment including buybacks.

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