Corporate team advises TT Electronics on the reorganisation and sale of selected business units

3 minute read
02 April 2024

Our Corporate team has advised TT Electronics PLC ("TT") on the reorganisation and sale of three business units within its GMS and Power and Connectivity divisions to the Cicor Group for a cash consideration of £20.8 million.

TT is a global provider of engineered electronics for performance critical applications. The divestment relates to business units in the UK and China that provide electronics manufacturing services and certain connectivity products, principally to industrial clients. The sale will allow TT to focus on growth opportunities in its core businesses and end markets to deliver value for all stakeholders.

The team advising on the deal, which completed on 31 March 2024, was led by corporate partners Ragi Singh and Amar Adatia, and comprised principal associate Christopher Letters, associates Vic Sewak, Annabel Brown and Lewis Broome, trainee solicitors Holly Marsh, Haseena Hussain and Yasmin Gidda, of counsel Sanjay Mehta, along with partner Vivian Desmonts and associate Jiayi He in China with support from a large cross-firm team of specialists. Samuel Beighton and James Stunt advised TT upon the application of the UK's National Security and Investment Act to both the reorganisation and the sale.

Commenting, Ragi said: "We are pleased to have supported TT Electronics on this landmark sale that will facilitate genuine growth for the business as it moves through the remainder of 2024."

Ian Buckley, Group General Counsel at TT Electronics PLC said: “We were impressed with Gowling WLG’s commercial approach, speed of response and depth of expertise, all of which proved critical in enabling our successful internal reorganisation and divestment. Ragi Singh and his team became very much part of our team, partnering with us and providing the concise and commercially focused guidance we needed. We are very pleased with the result and are very grateful for Gowling WLG’s support."

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