Molex Electronic Technologies, LLC entered into a binding share purchase agreement to acquire Smiths Interconnect Group Limited from Smiths Group plc (LSE:SMIN) for an enterprise value of £1.3 billion on December 11, 2025. The Transaction values Smiths Interconnect at an enterprise value of £1.3 billion, representing 15.1x headline EBITDA of £86.1 million for the fiscal year 2025. Smiths will receive cash consideration for the Transaction which is subject to customary adjustments for working capital, cash and debt.
The transaction is subject to regulatory approvals and other customary closing conditions. The acquisition is expected to close in the first half of 2026.
Rothschild & Co US Inc. act as financial advisor, Julian Runnicles of Jones Day act as legal advisor for Molex Electronic Technologies, LLC. Mark Sorrell, Charlie Lytle, Nick Harper, Harry Webster of Goldman Sachs International, Richard Perelman, Alex Bruce, Saumitra Gorani of J.P. Morgan Securities plc act as financial advisor, White & Case LLP act as legal advisor for Smiths Group plc. Kathryn A. Kelly and Eric B. Sloan of Gibson, Dunn & Crutcher LLP acted as legal counsel to Molex Electronic Technologies, LLC.
Molex Electronic Technologies, LLC completed the acquisition of Smiths Interconnect Group Limited from Smiths Group plc (LSE:SMIN) on April 1, 2026. The transaction provides immediate cash proceeds of approximately £1.3bn for Smiths Interconnect. As confirmed with the Company's half year results, Smiths is fulfilling its commitment to return £1bn of the cash proceeds to shareholders, in the form of a share buyback programme which is currently underway. The balance of the cash proceeds will be used to invest in value creative growth opportunities for Smiths, and to further reinforce its strong balance sheet.
Smiths Group plc is an industrial group organized around 3 product families:
- industrial equipment (38.3% of net sales; John Crane): mechanical linings, auxiliary sealing systems for pumps and compressors, bearings, power transmission couplings, etc.;
- detection equipment (33%; Smiths Detection): for detecting and identifying explosives, weapons, chemical and biological agents, etc.;
- tubular and thermal systems (28.7%; Flex-Tek).
Net sales (excluding discontinued operations) are distributed geographically as follows: the United Kingdom (3.7%), Europe (14.5%), America (55.4%), Asia/Pacific (14.9%) and other (11.5%).
In 2025, the Smiths Interconnect business was classified as a discontinued operation.
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