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Amphenol to buy MTS Systems in $1.7 billion deal

Credit: REUTERS/James Pomfret

High-speed specialty cables maker Amphenol Corp said on Wednesday it would buy MTS Systems Corp in a $1.7 billion deal, beefing up its range of sensor and sensor-based products.

Adds more details on the deal, share movement

Dec 9 (Reuters) - High-speed specialty cables maker Amphenol Corp APH.N said on Wednesday it would buy MTS Systems Corp MTSC.O in a $1.7 billion deal, beefing up its range of sensor and sensor-based products.

MTS shareholders will receive $58.50 per share held, representing a premium of 51.9% to the stock's close on Tuesday.

Shares of MTSC rose 49.3% to $57.5 in premarket trading.

The deal is likely to close by mid-2021 and is expected to add to Amphenol's earnings in the first year after completion.

Amphenol said it plans to undertake a strategic review of MTS's test and simulation business.

Centerview Partners was the financial adviser to Amphenol, while J.P. Morgan Securities and Evercore advised MTS.

(Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)

((tiyashi.datta@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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