Swiss sensors maker TE Connectivity has acquired Galway-based medical devices manufacturer Creganna for €821m in an all-cash deal.
Creganna designs and manufactures minimally-invasive delivery and access devices for medical original equipment manufacturers (OEMs).
The Irish company reported sales of $250m in 2015.
Upon completion of the transaction, the business will be reported as part of TE’s Industrial Solutions segment.
TE (Tyco Electronics) is a global industrial, transport and communications industry giant that employs 75,000 people worldwide and has annual revenues of around $12bn.
The transaction will require regulatory approval and is expected to close in the third quarter of 2016.
Engineering expertise from the City of the Tribes
Founded in 1979 as an engineering outsourcing company, Creganna employs more than 2,000 people.
Creganna was originally acquired by Permira Funds in 2010 in a transaction valued at €223m.
“The acquisition of Creganna Medical is part of our well-established strategy to expand our leadership position in harsh environment applications,” said TE Connectivity Chairman and CEO Tom Lynch.
“This transaction builds on our AdvancedCath acquisition and establishes TE as a leading supplier to the high-growth minimally invasive interventional segment. Our existing medical product offering, coupled with these acquisitions, positions TE with the broadest range of products and technologies serving this high-growth space.
“We look forward to welcoming Creganna’s talented team to TE,” said Lynch. “The combined team will bring significant engineering expertise and industry depth to create highly-engineered solutions for OEMs globally.”
Cardio image via Shutterstock
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