Galway medical device maker Creganna acquired by TE for €821m.
TE Connectivity (Tyco Electronics), a maker of equipment used in harsh environments, agreed to buy health-care device company Galway-based Creganna Medical from buyout firm Permira Advisers for $895 million in cash (€821m).
However, the transaction will require regulatory approval and is expected to close in the third quarter of 2016.
Creganna, based in Ireland, designs and makes gear for medical-device manufacturers. The company had sales of about $250 million last year (€224m), according to TE Connectivity. Founded in 1979 as an engineering outsourcing company, Creganna employs more than 2,000 people. It was originally acquired by Permira Funds in 2010 in a transaction valued at €223m.
Upon completion of the transaction, the business will be reported as part of TE’s Industrial Solutions segment.
TE is a global industrial, transport and communications industry giant that employs 75,000 people worldwide and has annual revenues of around $12bn (10.7bn).
Its Chairman and CEO Tom Lynch commented the news :
“Our existing medical product offering, coupled with these acquisitions, positions TE with the broadest range of products and technologies serving this high-growth space. We look forward to welcoming Creganna’s talented team to TE. The combined team will bring significant engineering expertise and industry depth to create highly-engineered solutions for OEMs globally.”
