AVX Corporation $155 Million Acquisition of Transportation, Sensing, & Control Division of TT Electronics PLC


Noerr, Womble Carlyle Sandridge & Rice, LLP, Bond Dickinson LLP and Allen & Overy LLP advised on the deal

AVX Corporation (NYSE:AVX) finalized the acquisition of Transportation, Sensing & Control division, from the UK company, TT Electronics PLC (LSE:TTG.L).

In accordance with the agreement, AVX will acquire TS&C for a consideration of £118.8 million (approximately US$155.5 million) in cash, subject to normal working capital adjustments at closing. The transaction is subject to approval of the TT Electronics PLC shareholders, and other conditions, including regulatory approvals, that are customary for transactions of this type.

The TS&C division of TT Electronics PLC designs, develops, manufactures and markets Sensors for temperature, position, and speed, including exhaust/emission control sensors. The Company’s products are utilized in a broad range of automotive applications.

The TS&C Business operates in its own facilities or shared facilities in nine locations worldwide: Austria, China, Germany, India, Mexico, Romania, South Korea, the UK and the USA, comprising R&D, manufacturing and sales office locations. In the financial year ended December 31, 2016, the TS&C Business generated £237.4 million (approximately $300 million) of revenue. At December 31, 2016, TS&C employed approximately 1,600 people, 180 of whom were in product development, reflecting the division’s strong R&D focus.

Noerr advised AVX Corporation with a team including Alexander Ritvay, Tibor Fedke (Picture)(both Berlin), Robert Korndörfer (London, joint lead, all Corporate/M&A), Christian Alexander Mayer (Energy), Dr Christoph Rieken (IP), Mansur Pour Rafsendjani (Commercial, all Munich), Bärbel Sachs (Regulatory & Governmental Affairs), Hanno Schaper, Peter Stauber (both Antitrust, all Berlin), Sebastian Albert Diehl (London, Corporate/M&A), Florian-Felix Marquardt (Tax, Berlin), Jessica Ploss (Real Estate, Munich), Charlotte Sander (Employment, Berlin), Max Helleberg (Regulatory & Governmental Affairs, Berlin), Kristin Kohser (Commercial, Dresden), Thomas Sternberg (Commercial, Munich), Szilvia Andriska (Real Estate, Budapest) and Uwe Brendler (Corporate/M&A, Dresden).

Involved fees earner: Alexander Ritvay – Noerr; Tibor Fedke – Noerr; Robert Korndörfer – Noerr; Sebastian Diehl – Noerr; Uwe Brendler – Noerr; Christoph Rieken – Noerr; Mansur Pour Rafsendjani – Noerr; Kristin Kohser – Noerr; Thomas Sternberg – Noerr; Christian Mayer – Noerr; Max Helleberg – Noerr; Hanno Schaper – Noerr; Peter Stauber – Noerr; Bärbel Sachs – Noerr; Florian-Felix Marquardt – Noerr; Jessica Ploss – Noerr; Szilvia Andriska – Noerr; Charlotte Sander – Noerr;

Law Firms: Noerr;

Clients: AVX Corporation ;