Pennsylvania-based TE Connectivity has signed an agreement to acquire SEACON group, provider of underwater connector technology and systems, for US$490million in cash.
The SEACON group serves the military marine and sub-sea sectors for remotely operated vehicles (ROV), autonomous underwater vehicles (AUV), oil and gas, environmental and oceanographic applications.
The sale is subject to certain regulatory approvals and other closing conditions and is expected to close in the company’s current fiscal year. The company will further discuss the acquisition on its next earnings call, scheduled for April 23, 2014.
