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TT Electronics to Acquire Torotel for USD 43m
Monday 21 September 2020

UK-based engineered electronics provider TT Electronics plc has agreed to acquire Kansas-based magnetics assemblies manufacturer Torotel, inc. (OTC: TTLO) for USD 43.4m in cash to broaden electronics capabilities with an expanding US footprint, the company said.

The transaction is expected to close in 4Q20 and is subject to the approval of Torotel's shareholders and regulatory conditions.

TT's USD 43.4m offer results in a merger consideration of USD 6.17 per share in cash to Torotel shareholders.

The transaction will be fully funded in cash by TT's separately announced equity placement.

Torotel specialises in the custom design, manufacture and sale of a wide variety of precision magnetic components including electro-mechanical assemblies, high voltage transformers, dry-type transformers, toroidal coils, inductors reactors and chokes for use in equipment such as aircraft navigational equipment, digital control devices, medical equipment, avionics equipment, down-hole drilling, conventional missile guidance systems, and other defense and commercial aerospace applications.

TT Electronics is a global provider of engineered electronics for performance-critical applications. TT operates in industries where there are structural growth drivers, working with customers primarily in aerospace and defense, medical and industrial sectors.

TT has design and manufacturing facilities including in the UK, US, Mexico, Sweden and Asia.
Date Published: 21/09/2020