Wed, Jan. 28, 8:08 AM
- CommScope (NASDAQ:COMM) agrees to acquire TE Connectivity's (NYSE:TEL) telecom, enterprise and wireless businesses for $3B, in an attempt to diversify its operations and broaden its geographic reach.
- COMM says it expects more than $150M in annual savings starting in the third year after the deal closes.
- TEL says the sale will allow it to focus on connectivity and sensor markets, particularly harsh environment applications; the deal does not include TEL's subsea communications or data communications businesses.
- TEL says it will use proceeds from the sale for stock buybacks, as well as acquisitions and other investments; its board authorizes a $3B expansion of its share buyback program.
- Earlier: TE Connectivity beats by $0.08, misses on revenue
- TEL +3.6%, COMM +2.1% premarket.
Wed, Jan. 28, 6:03 AM
Mon, Jan. 26, 7:20 PM
- TE Connectivity (NYSE:TEL) is "nearing a deal" to sell its telecom/networking equipment unit to CommScope (NASDAQ:COMM) for about $3B, the WSJ reports. A deal could be announced as soon as this week.
- The business in question, known as TE's network solutions unit, had FY14 (ended Sep. '14) sales of $2.9B (21% of TE's total revenue). For reference, CommScope's 2014 revenue consensus is only at $3.84B, and the company had a market cap of $4.06B as of today's close.
- TEL +6.1% AH to $67.00. COMM +6.4% to $23.00.
Oct. 10, 2014, 5:36 PM
Jun. 18, 2014, 4:20 PM
- TE Connectivity (TEL) is buying industrial sensor maker Measurement Specialties (MEAS) for $86/share, or $1.7B after factoring net debt. The price represents a 10% premium to MEAS' Wednesday close.
- With MEAS expecting FY15 (ends March '15) revenue of $540M, TE is paying 3.1x forward sales.
- TE asserts the deal give it "a leadership position" in the sensor market, and allows it to offer "an unmatched range of connectivity and sensor solutions that are essential in a world where everything is increasingly connected."
- The deal is expected to close by year's end, to be financed with both cash and debt, and to yield mid-single digit EPS accretion in its first year. TE forecasts double-digit post-merger growth for its sensor ops.
- The purchase comes two months after a deal to buy underwater electrical connector firm Seacon for $490M.
Apr. 11, 2014, 9:48 AM
- Corning (GLW -1.4%) has been cut to Neutral by UBS.
- Symantec (SYMC -1.3%) has been cut to Equal Weight by Barclays.
- TE Connectivity (TEL +1.3%) has been upgraded to Buy by BofA/Merrill.
- Imperva (IMPV +1.6%) has received a contrarian upgrade to Buy from Sterne Agee a day after falling 44% due to its Q1 warning.
- Demandware (DWRE +0.9%) has been upgraded to Outperform by BMO.
- Ellie Mae (ELLI -5%) has been cut to Market Perform by FBR.
Apr. 2, 2014, 10:46 AM
- TE Connectivity (TEL +2.7%) is acquiring the Seacon Group, a maker of underwater electrical connectors, for $490M in cash. The deal is expected to close in TE's FY14 (ends Sep. '14).
- Seacon's connectors are used in underwater/remotely-operated vehicles, as well as in oil/gas, environmental, and oceanographic applications.
- TE says the deal strengthens its position in oil/gas (a growing market), and that the combination of Seacon's fiber optic offerings with TE's cable and power connector products will "create a leading product offering for undersea applications."
Jan. 23, 2014, 9:41 AM
- Fusion-io (FIO +11.7%) has been started at Buy by Craig-Hallum after beating FQ2 estimates and issuing light FQ3 guidance.
- Rambus (RMBS +5.3%) has been upgraded to Buy by Citi ahead of Monday's Q4 report.
- TE Connectivity (TEL -0.2%) has been upgraded to Buy by Cross Research after delivering an FQ1 beat yesterday.
- CalAmp (CAMP -7.7%) has been cut to Neutral by B. Riley.
Sep. 9, 2013, 9:30 AM| Comment!
Jul. 24, 2013, 1:45 PM
Mar. 30, 2012, 9:34 AM
Oct. 12, 2011, 9:05 AMPremarket gainers: LIZ +42%. AONE +15%. FRO +10%. ONXX +8%. TEL +7%. ALU +7%. BCS +6%. ING +5%. ASML +5%. DB +5%. MT +5%. RBS +5%. MPEL +5%. GNW +5%. CS +4%. DRYS +4%. YRCW +3%. SIRI +3%. S +3%. BHP +3%. NOK +3%. FCX +3%. UBS +3%. QGEN +3%. AU +3%. MCP +3%. RIO +3%.
Losers: CHKM -5%. PCX -5%. PWER -4%. AT -4%. AA -4%. HST -3%. FSLR -3%. | Comment!
Oct. 11, 2011, 6:21 PM
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