Mergers and Acquistions News
Categories: Hardware
December 7th 2010, 17:08PM
The European Commission has given its approval for the proposed acquisition of ADC Telecommunications by Tyco Electronics.
In July, Tyco first announced the $1.25 billion purchase, which it said would help it to expand in the fibre optics sector.
The Commission said in a statement that it had concluded that the deal would not significantly impact on competition in the European Economic Area.
It also found that "the combined entity will continue to face large and effective European competitors together with increasing competition from Asian suppliers".
Tyco makes electronic components for a range of industries, from aerospace and energy to lighting and automotive.
ADC manufactures equipment, software solutions and integration tools that help firms transfer their systems to next-generation networks.
On December 3rd, Tyco released a statement explaining that, subject to shareholder approval, it plans to change its name to TE Connectivity.
"We are changing the name of our company to better reflect the products and solutions that we provide to our customers," chief executive officer Tom Lynch said.
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