TE Connectivity (NYSE:TEL) said today that it agreed to pick up Irish medical device maker Creganna Medical for $895 million in cash.
Cregganna, which is owned by private equity shop Permira Funds, posted sales of $250 million last year, Schaffhausen, Switzerland-based TE Connectivity said.
“The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications,” chairman & CEO Tom Lynch said in prepared remarks. “This transaction builds on our AdvancedCath acquisition and establishes TE as a leading supplier to the high-growth minimally invasive interventional segment. Our existing medical product offering, coupled with these acquisitions, positions TE with the broadest range of products and technologies serving this high-growth space.
“We look forward to welcoming Creganna’s talented team to TE,” Lynch said. “The combined team will bring significant engineering expertise and industry depth to create highly engineered solutions for OEMs globally.”
TE Connectivity said it expects the deal to add 3¢ to its adjusted earnings per share in the 1st year after the deal closes, which is expected to occur during the 3rd quarter.
