Smiths Group PLC on Thursday said it signed a binding agreement to sell its connectivity products and solutions business to Molex Electronic Technologies Holdings LLC, at an enterprise value of £1.3 billion.
London-based Smiths Group is an engineering firm operating in the energy, security & defence, space & aerospace and general industrial sectors.
Smiths Group said it exercised its put option and has now entered into a binding share purchase agreement for the previously announced sale of Smiths Interconnect.
The deal, which values Smiths Interconnect at an enterprise value of £1.3 billion, is expected to take place in the second half of financial 2026.
This sale price represents 15.1 times headline earnings before interest, tax, depreciation and amortisation of £86.1 million for financial year 2025, which ended July 31, the company said.
The transaction, from which Smiths Group will receive cash consideration for, is subject to the completion of conditions and regulatory approvals.
Shares in Smiths Group rose 0.3% to 2,350.00 pence on Thursday morning in London, for a total market capitalisation of £7.58 billion.
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