TE Connectivity Completes the Sale of its Subsea Communications Business to Cerberus Capital Management
SCHAFFHAUSEN, Switzerland, Nov. 5, 2018 /PRNewswire/ -- TE Connectivity, Ltd. (NYSE: TEL), a world leader in connectivity and sensors, has completed the previously announced sale of its subsea communications business (SubCom) to Cerberus Capital Management, L.P., a global leader in alternative investing, for $325 million in cash. The company expects to use proceeds from the sale to fund share repurchases.
The sale of SubCom increases TE's focus as a leading industrial technology company and is expected to strengthen its business model; resulting in a stronger growth profile, reduced cyclicality, higher margins and a greater return on investment.
ABOUT TE CONNECTIVITY
TE Connectivity Ltd. is a $14 billion global technology and manufacturing leader creating a safer, sustainable, productive, and connected future. For more than 75 years, our connectivity and sensor solutions, proven in the harshest environments, have enabled advancements in transportation, industrial applications, medical technology, energy, data communications, and the home. With 80,000 employees, including more than 8,000 engineers, working alongside customers in approximately 140 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat and Twitter.
CONTACT: Media Relations: B.J. Talley, TE Connectivity, 610-893-9553, bj.talley@te.com; Investor Relations: Sujal Shah, TE Connectivity, 610-893-9790, sujal.shah@te.com
Web Site: http://www.te.com
