TE Connectivity Is Said to Near Deal to Acquire First Sensor

Liana Baker and Aaron Kirchfeld, Bloomberg News

(Bloomberg) -- TE Connectivity Ltd. is nearing an agreement to buy Germany’s First Sensor AG, according to people familiar with the matter.

An agreement could be announced as early as this coming week, said the people, who asked not to be identified as details aren’t public. Final negotiations are ongoing and talks could still fall apart, the people said.

German buyout firm DPE Deutsche Private Equity BV said in October it was considering a sale of its 36% stake in First Sensor, which makes electronic sensors used in industrial and medical equipment. As part of the sale, DPE said that whoever acquired the stake may have to make an offer for the whole company. Shares in the Berlin-based company are up 16% this year, valuing it about 252 million euros ($282 million).

First Sensor, TE Connectivity and DPE couldn’t be reached for comment.

TE Connectivity, based in Schaffhausen, Switzerland, makes electronic components used in industries including automotive, aerospace and telecommunications. The U.S.-listed company has made several acquisitions in recent years, including Hirschmann Car Communication GmbH in 2017, to bulk up its technology for connected and autonomous cars. Its shares closed at $86.67 on Friday, valuing the company at $29 billion.

To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;Aaron Kirchfeld in London at akirchfeld@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, ;Daniel Hauck at dhauck1@bloomberg.net, Ros Krasny