TE Connectivity Ltd. has completed the public takeover of First Sensor AG, acquiring a 71.87% majority stake from DPE Deutsche Private Equity, funds managed by Teslin Capital Management, and other shareholders. The transaction followed a voluntary public tender offer at a cash consideration of €28.25 per share. The strategic rationale for the acquisition is to combine First Sensor's expertise in photonics, pressure sensors, and microelectronic packaging with TE’s global connectivity and sensing portfolio. This combination specifically enhances TE’s optical sensing capabilities for automotive, heavy truck, and industrial applications. Despite the majority control, First Sensor initially maintained its management board, though several supervisory board representatives were replaced by TE executives post-closing. The deal required multiple regulatory approvals, including foreign investment clearances in Germany and the United States, and was finalized after approximately nine months of review.

FIRST SENSOR, which reported an EBITDA margin of LOGIN in 2019, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with 13.0x currently observed in the TMT (Tech, Media, Telecom) sector.

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