NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO PURCHASE OR INVEST IN ANY SECURITIES.
If TT shareholders approve the offer from Cicor to be implemented by a scheme of arrangement in the UK and the other conditions to the transaction are satisfied, this will pave the way for the creation of the largest, pure play, global EMS business in the high mix, low volume segment. The strength of TT’s capabilities as an EMS provider, together with engineering of power systems and manufacturing of custom components (cable assemblies, magnetic components and human machine interfaces), as well as the highly strategic fit across focused end applications, make TT a strategic partner for Cicor.
The acquisition fits squarely with Cicor’s long-term strategy: to grow in the fragmented high mix low volume EMS sector through innovation, to grow customer partnerships in key geographies and significant growth sectors, and to build a differentiated, high-value electronics group focused on demanding stringent specifications and complex technical applications.
The focus will remain on the industrial, aerospace & defense (A&D) and healthcare technology end markets. Together, the two companies expect to generate revenues greater than CHF 1.2 billion1 and feature sector-leading EBITDA margins2.
The Cicor Directors believe that the acquisition presents a highly compelling strategic rationale, while offering upfront value to TT shareholders and a significant additional value creation opportunity for shareholders of the enlarged Cicor Group, including through the following advantages:
Creation of the leading global, pure play, EMS business in the high mix low volume segment with expanded technical and manufacturing capabilities and a diversified footprint
Creation of an agile and competitive platform that will accelerate organic growth
Significantly enhanced financial profile, with strong synergy potential
Builds on Cicor’s proven playbook of successfully acquiring and integrating businesses; creating a stronger platform for selected, high quality acquisition opportunities
The combined group will remain listed on the SIX Swiss Exchange and TT will delist from the London Stock Exchange after completion of the transaction. Daniel Frutig (Chairman of Cicor), Alexander Hagemann (CEO) and Peter Neumann (CFO) will retain their current roles in the combined group. Eric Lakin (CEO of TT) is expected to join the combined group management team and play a key role in the integration process. Cicor intends to propose the appointment of one non-executive director from TT’s Board to the Cicor Board at its next AGM, with such appointment to take effect at completion of the acquisition. The remaining non-executive directors of TT will step down upon completion of the transaction.
Cicor and the Board of TT have agreed on the terms of the acquisition. The offer values each TT share at 155 pence, with a cash component of 100 pence and a share component of 55 pence, based on the Cicor’s share price and the prevailing GBP/CHF exchange rate the day prior to the announcement3.
The cash consideration payable under the offer will be financed by debt to be incurred by Cicor under a committed bridge facility.
Immediately following completion of the acquisition, TT shareholders are expected to own approximately 10% of the enlarged Cicor Group.
TT shareholders are expected to vote on the offer in December 2025. The successful transaction requires approval by TT shareholders representing >50% by number and >75% by value of those voting. The transaction will be implemented by way of a UK scheme of arrangement under the UK Takeover Code. The transaction remains subject to customary conditions, including approval by TT shareholders, sanction of the scheme by the UK court, regulatory approvals in various jurisdictions, and admission to trading of the new Cicor shares on SIX Swiss Exchange. No approval from Cicor shareholders is required. Completion of the transaction is expected in H1 2026.
The full terms and conditions of the acquisition are set out in a joint announcement released by Cicor and TT in the UK today under Rule 2.7 of the UK Takeover Code. A copy of such announcement will be available on the Cicor website, subject to certain access restrictions.
1 Calculated as 2024A Cicor PF revenue of CHF481m plus the revenue contribution of 2025 acquisitions consisting of Éolane, Mercury, Profectus and MADES of CHF220m plus TT 2024A Revenue of £521m converted at CHF/GBP = 0.9481.
2 Calculated as Cicor EBITDA for 2024A of CHF58m plus the EBITDA contribution of 2025 acquisitions consisting of Éolane, Mercury, Profectus and MADES of CHF11m plus TT 2024A EBITDA of £51m converted at CHF/GBP = 0.9481 and £13m run-rate synergies for a total combined EBITDA of CHF 137m which implies an 11% combined EBITDA margin
3 Calculated as the exchange ratio of 0.0028 Cicor shares per TT shares, multiplied by the closing price of Cicor shares of CHF209 and the FX rate of CHF:GBP of 0.9481 as at 16:30 CET on 29 October 2025.
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Media Webcast
Date: 30 October 2025, 10 am CET, 9 am UKT
> Link to the webcast
> Register to the Q&A conference call
Investor & Analyst Webcast
Date: 30 October 2025, 11 am CET, 10 am UKT
> Link to the webcast
> Register to the Q&A conference call
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Investor & media contacts
Cicor Management AG
Gebenloostrasse 15
CH-9552 Bronschhofen
Media & Investor Relations
Phone +41 71 913 73 00
Email: media@noSpamcicor.com
Investor Relations
Phone +41 71 913 73 00
Email: investor@noSpamcicor.com
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UBS (Sole Financial Adviser to Cicor)
London: Joe Hannon / Ben Edenharder / Anisah Mahomed
Zurich: Tommy Hadewicz / Raffael Huber
Phone +44 (0) 20 7567 8000
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Financial calendar
1 December 2025, 16:30 hrs CET, Capital Markets Day, Zurich, with a focus on Cicor’s existing business
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About Cicor
Cicor is a globally active provider of full-cycle electronic solutions from research and development to manufacturing and supply chain management. Cicor has approximately 4,400 employees in 13 countries that serve leaders from the healthcare and medical, industrial and A&D industries.
Cicor creates value to its customers through the combination of customer-specific development solutions and high-tech components, as well as electronic device manufacturing. Cicor shares are traded at the SIX Swiss Exchange (CH0008702190).
About TT
TT is a global provider of engineered electronics for performance critical applications with more than 4,000 employees across 19 design and manufacturing locations in the UK, North America and Asia. TT operates in industries where there are structural growth drivers, working with market leading customers across Healthcare, A&D, and Automation & Electrification end sectors to provide engineering and manufacturing solutions that enable a safer, healthier and more sustainable world. TT’s products are designed and manufactured for harsh environments and regulated sectors, and include power management devices, sensors and connectivity solutions.
TT was established in 1812, incorporated in 1906 and is a public limited company registered in England and listed on the Official List of the London Stock Exchange. For the year ended 31 December 2024, TT generated revenue of £521.1 million and adjusted operating profit of £37.1 million.
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Important notices
UBS AG London Branch (UBS) is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the UK Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting exclusively as sole financial adviser to Cicor and no one else in connection with the acquisition. In connection with such matters, UBS will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the acquisition or any other matters referred to herein.
This announcement is for information purposes only and is not intended to, and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities of TT or Cicor in any jurisdiction in contravention of applicable law. The acquisition will be made solely by means of the scheme document sent to the shareholders of TT which will contain the full terms and conditions of the acquisition, including details of how to vote in respect of the acquisition (or, if the acquisition is implemented by way of a takeover offer, the offer document sent to the shareholders of TT setting out the terms and conditions of the takeover offer). Any vote in respect of the scheme of arrangement or other response in relation to the acquisition should be made only on the basis of the information contained in the scheme document (or, if the acquisition is implemented by way of a takeover offer, the offer document) and the forms of proxy and forms of election in respect of the scheme of arrangement.
This announcement does not constitute a prospectus, prospectus equivalent document or exempted document within the meaning of articles 35 et seqq. or 69 of the Swiss Financial Services Act. In particular, this announcement does not constitute a public offer or solicitation to purchase or invest in the securities of Cicor. The new shares in Cicor may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act. Neither this announcement nor any other material relating to the shares in Cicor constitutes a prospectus pursuant to the Swiss Financial Services Act.
Overseas shareholders
The release, publication or distribution of this announcement in, into or from jurisdictions other than the United Kingdom or Switzerland, and the availability of the acquisition to shareholders of TT who are not resident in the United Kingdom, may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable legal or regulatory requirements.
In particular, the ability of persons who are resident in the United Kingdom, or who are subject to the laws of another jurisdiction, to vote their shares in TT with respect to the scheme of arrangement at the court meeting or general meeting to be held in connection with the scheme of arrangement, or to appoint another person as proxy to vote at the court meeting or general meeting on their behalf, or to make an election under the facility under which eligible shareholders of TT will be entitled to elect to vary the proportions in which they receive new shares in Cicor and cash in respect of their holdings of TT shares, may be affected by the laws of the relevant jurisdictions in which they are located.
Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.
The acquisition will be subject to English law and the jurisdiction of the courts of England and Wales and the applicable requirements of the UK Takeover Code, the UK Panel on Takeovers and Mergers, the London Stock Exchange and the UK Financial Conduct Authority.
Unless otherwise determined by Cicor or required by the UK Takeover Code, and permitted by applicable law and regulation, the acquisition will not be made available, in whole or in part, directly or indirectly, in, into or from, or by the use of mails or any means or instrumentality (including, but not limited to, facsimile, email or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of, any restricted jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction and no person may vote in favour of the acquisition by any such use, means, instrumentality or facilities or from within a restricted jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. A restricted jurisdiction for the purposes of this announcement shall mean any jurisdiction (other than the United Kingdom) where local laws or regulations may result in a significant risk of civil, regulatory or criminal exposure (or would or may require Cicor to comply with any requirement which in its absolute discretion is regarded as unduly onerous) if information concerning the acquisition is sent, distributed or made available to shareholders of TT or if consideration pursuant to the acquisition is paid in that jurisdiction.
Copies of this announcement and any formal documentation relating to the acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from any restricted jurisdiction or any jurisdiction where to do so would violate the laws of that jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in, into or from any restricted jurisdiction. Doing so may render invalid any related purported vote in respect of the acquisition.
If the acquisition is implemented by way of a takeover offer (unless otherwise permitted by applicable law or regulation), the takeover offer may not be made, in whole or in part, directly or indirectly, in or into, or by the use of mails or any other means or instrumentality (including, but not limited to, facsimile, email or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of, any restricted jurisdiction and the takeover offer will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any restricted jurisdiction.
Further details in relation to overseas shareholders will be contained in the scheme document and shareholders of TT are advised to read carefully the scheme document and its accompanying documents once they have been published.
Additional information for US investors
The acquisition is being made to acquire the securities of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the US Securities Exchange Act of 1934.
Accordingly, the scheme of arrangement will be subject to disclosure requirements and practices applicable in the UK to schemes of arrangement, which are different from the disclosure requirements of the US tender offer rules and the US proxy solicitation rules.
If Cicor exercises its right to implement the acquisition of the shares in TT by way of a takeover offer, such offer will be made in compliance with applicable US laws and regulations, including any applicable exemptions under the US Securities Exchange Act. Such a takeover offer would be made in the US by Cicor and no one else.
The financial information included in this announcement and the scheme document has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the US.
The new shares in Cicor will not be registered under the US Securities Act of 1933. Cicor expects to issue the new shares in Cicor in reliance upon the exemption from the registration requirements of the US Securities Act provided by Section 3(a)(10) thereof. Section 3(a)(10) exempts securities issued in specified exchange transactions from the registration requirement under the US Securities Act where, among other things, the fairness of the terms and conditions of the issuance and exchange of such securities have been approved by a court or governmental authority expressly authorised by law to grant such approval, after a hearing upon the fairness of the terms and conditions of the exchange at which all persons to whom the new shares in Cicor are proposed to be issued have the right to appear and receive adequate and timely notice thereof. If Cicor exercises its right to implement the acquisition of the shares in TT by way of a takeover offer, the new shares in Cicor will not be offered in the United States except pursuant to an exemption from, or in a transaction not subject to, registration under the US Securities Act.
The new shares in Cicor that may be issued pursuant to the acquisition have not been and will not be registered under the US Securities Act or under the relevant securities laws of any state or territory or other jurisdiction of the United States and will not be listed on any stock exchange in the US. Accordingly, the new shares in Cicor may not be offered, sold or delivered, directly or indirectly, in the United States absent registration or an applicable exemption from, or a transaction not subject to, the registration requirements under the US Securities Act. Neither the US Securities and Exchange Commission nor any US state securities commission has approved, disapproved or passed judgement upon the fairness of the merits of the acquisition or the new shares in Cicor or the facility under which eligible shareholders of TT will be entitled to elect to vary the proportions in which they receive new shares in Cicor and cash in respect of their holdings of TT shares, nor determined whether this announcement is adequate, accurate or complete. Any representation to the contrary is a criminal offence in the US.
It may be difficult for US holders to enforce their rights and claims arising out of the US federal securities laws, since Cicor and TT are located in countries other than the US, and some or all of their officers and directors may be residents of countries other than the US. US holders may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court’s judgement.
In accordance with normal UK practice and pursuant to Rule 14e-5(b) of the US Securities Exchange Act, Cicor or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, shares in TT outside of the US, other than pursuant to the acquisition, until the date on which the acquisition and/or scheme of arrangement becomes effective, lapses or is otherwise withdrawn. Also, in accordance with the UK Takeover Code, normal United Kingdom market practice and Rule 14e-5(b) of the US Securities Exchange Act, UBS will continue to act as an exempt principal trader in shares in TT on the London Stock Exchange. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the UK, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.
TT shareholders in the US should be aware that the acquisition may have tax consequences for US federal income tax purposes and under applicable US state and local, as well as foreign and other, tax laws and that such consequences, if any, are not described herein. TT shareholders in the US are urged to consult with legal, tax and financial advisers in connection with making a decision regarding the acquisition.
Forward looking statements
This announcement (including information incorporated by reference in this announcement), oral statements made regarding the acquisition, and other information published by Cicor, any member of the Cicor Group, TT or any member of the TT group contain statements which are, or may be deemed to be, “forward-looking statements”. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of the management of Cicor, any member of the Cicor Group, TT or any member of the TT group about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. The forward-looking statements contained in this announcement include statements relating to the expected effects of the acquisition on Cicor or any member of the Cicor Group, the combined Cicor Group following the acquisition, TT or any member of the TT group, the expected timing and scope of the acquisition and other statements other than historical facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “is subject to”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Although Cicor and TT believe that the expectations reflected in such forward-looking statements are reasonable, Cicor and TT can give no assurance that such expectations will prove to be correct. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include the satisfaction of the conditions to the implementation of the acquisition, as well as additional factors, such as: changes in the global, political, economic, social, legal, business and competitive environments, in global trade policies, and in market and regulatory forces; the loss of or damage to one or more key customer relationships; changes to customer ordering patterns; the failure of one or more key suppliers; changes in future inflation, deflation, exchange and interest rates and fluctuations in component prices; changes in tax and national insurance rates; future business combinations, capital expenditures, acquisitions or dispositions; changes in general and economic business conditions; changes in the behaviour of other market participants; labour disputes and shortages; outcome of pending or future litigation proceedings; the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the internal control over financial reporting; other business, technical and/or operational risks and challenges; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary notices, concessions, permits and approvals; weak, volatile or illiquid capital and/or credit markets; any public health crises, pandemics or epidemics and repercussions thereof; changes to the boards of Cicor and/or TT and/or the composition of their respective workforces; safety and technology risks; exposures to IT system failures, cyber-crime, fraud and pension scheme liabilities; risks relating to environmental matters such as climate change; changes to law and/or the policies and practices of regulatory and governmental bodies; heightening of geopolitical tensions and any repercussions thereof; and any cost of living crisis or recession.
Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. Neither Cicor, any member of the Cicor Group, TT, any member of the TT group, nor any of their respective associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. You are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements speak only at the date of this announcement. All subsequent oral or written forward-looking statements attributable to Cicor, any member of the Cicor Group, TT or any member of the TT group, or any of their respective associates, directors, officers, employees or advisers are expressly qualified in their entirety by the cautionary statement above.
Other than in accordance with their legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority), neither Cicor, any member of the Cicor Group nor TT or any member of the TT group is under any obligation, and Cicor, members of the Cicor Group, TT and members of the TT group expressly disclaim any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Dealing and opening position disclosure requirements
Under Rule 8.3(a) of the UK Takeover Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an opening position disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An opening position disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of: (i) the offeree company; and (ii) any securities exchange offeror(s). An opening position disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an opening position disclosure must instead make a dealing disclosure.
Under Rule 8.3(b) of the UK Takeover Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a dealing disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A dealing disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of: (i) the offeree company; and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A dealing disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening position disclosures must also be made by the offeree company and by any offeror and dealing disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the UK Takeover Code).
Details of the offeree and offeror companies in respect of whose relevant securities opening position disclosures and dealing disclosures must be made can be found in the Disclosure Table on the UK Panel on Takeovers and Mergers’ website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the UK Panel on Takeovers and Mergers’ Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an opening position disclosure or a dealing disclosure.
An opening position disclosure and a dealing disclosure shall for the purposes of this announcement have the same meaning as in Rule 8 of the UK Takeover Code.
No profit forecasts or estimates
No statement in this announcement (including any statement of estimated cost savings or synergies) is intended, or is to be construed, as a profit forecast or profit estimate for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for TT or Cicor for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for TT or Cicor.
Publication on website
A copy of this announcement will be made available, subject to certain restrictions relating to shareholders of TT who are resident in or nationals or citizens of restricted jurisdictions, on Cicor’s website at https://cicor.com/recommended-offer-for-tt-electronics and TT’s website at https://www.ttelectronics.com by no later than 1pm (Swiss time) on the business day following publication of this announcement.
For the avoidance of doubt, the contents of any website referred to in this announcement are not incorporated into and do not form part of this announcement.