Amphenol To Buy CIT Business From Carlisle In $2.025 Bln Cash Deal

(RTTNews) - Amphenol Corp. (APH), a provider of high-technology interconnect, antenna and sensor solutions, announced Tuesday a definitive agreement to acquire the Carlisle Interconnect Technologies or CIT business of Carlisle Companies Inc. (CSL) for $2.025 billion in cash, subject to customary post-closing adjustments.

CIT, with around 6,000 employees, is a supplier of harsh environment interconnect solutions primarily to the commercial air, defense and industrial end markets. The business is expected to have 2024 sales and adjusted EBITDA margin of approximately $900 million and 20%, respectively.

CIT'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, the firm said.

The acquisition of CIT is expected to be accretive to Amphenol's earnings per share in the first year post closing, excluding acquisition-related costs.

The transaction is expected to be completed by the end of the second quarter of 2024, subject to certain regulatory approvals and other customary closing conditions.

The acquisition will be financed through a combination of cash on hand as well as the company's existing credit and commercial paper facilities.