Via News Release
“Tyco Electronics Ltd. (NYSE: TEL) today announced the completion of the acquisition of ADC Telecommunications, Inc. (Nasdaq: ADCT). The combination of Tyco Electronics (TE) and ADC positions the company as a world leader in broadband connectivity.
Tom Lynch, Chief Executive Officer of TE, said, “With our expanded product offering and strong position in every major geographic region, TE will provide the broad range of products and solutions our customers need to keep pace with the rapidly increasing demand for video and data connectivity anytime and anywhere.”
Swiss-based Tyco Electronics agreed to buy ADC for approximately $1.25B cash in early July, paying a 44% premium of the Eden Prairie company’s market value.
Both Tyco and ADC manufacture and supply telecommunications equipment for global telecom carriers and enterprises. The parties’ activities overlap with regard to (i) passive equipment and accessories for carrier networks and (ii) structured cabling and hardware for enterprise networks.
“ADC and Tyco Electronics, have made no decisions about our future operations here in Minnesota and around the world. To publish what essentially is a postmortem on ADC just two days after the announced acquisition is at best premature and at worst irresponsible…Furthermore, the planned combination of the two global companies’ innovations and talent is a tribute in part to what a great technology hub this community remains…The final chapter of the ADC story has yet to be told.”