SCHAFFHAUSEN, Switzerland, Nov. 29, 2011 /PRNewswire/ -- TE Connectivity Ltd. (NYSE: TEL) today announced that it has entered into exclusive negotiations with Wendel (Euronext: MF) and has made a binding offer to acquire Deutsch Group SAS (Deutsch), a global leader in high-performance connectors for harsh environments, in a transaction valued at euro 1.55 billion (approximately $2.06 billion at current exchange rates). The proposed acquisition will enable TE to provide a wide range of industry-leading connectivity products for harsh environment applications. It is expected to be accretive to the Company's adjusted earnings by approximately $0.20 per share in fiscal 2013, excluding acquisition-related costs. The potential acquisition is expected to close by the third fiscal quarter ended June 29, 2012. (Logo: http://photos.prnewswire.com/prnh/20110310/PH62357LOGO ) "Deutsch is an outstanding company with a long history of leadership in providing custom-engineered connectivity products for harsh environment industrial applications," said Tom Lynch, Chief Executive Officer of TE Connectivity. "The acquisition of Deutsch is a major step in executing our vision to provide the most complete range of connectivity solutions for our customers worldwide. The complementary nature of the products provided by our two companies will enable us to better serve customers in key industries, especially Industrial Transportation, Industrial Equipment, Aerospace and Defense, Rail, and Offshore Oil and Gas. With our global reach and scale, we expect to expand the growth of Deutsch's products. This, combined with the opportunity for operating efficiencies and tax synergies, will enable us to deliver significant value for our shareholders." Deutsch is a global leader in providing connectivity solutions for harsh environment applications, with a reputation for innovation, quality and reliability. It is a leader in technology-driven specialty areas such as hermetics, filtering, high-speed precision machining, and composites. In 2011, Deutsch is expected to generate revenues of approximately $670 million and adjusted EBITDA margin of approximately 26%. Deutsch was founded in 1938 and is owned by Wendel. Jean-Marie Painvin, Chairman of the Board of Directors and minority shareholder of Deutsch, said, "With this transaction, our companies will bring together two of the most trusted brands in the connector business. Indeed, Deutsch and TE have always been synonymous with innovation, quality and reliability. I am very happy to see that TE's offer respects the skills and expertise of men and women who every day write the history of Deutsch." Bertrand Dumazy, President & Chief Executive Officer of Deutsch, comments, "The combination of our two companies allows Deutsch to join a large global organization with a very good reputation in the connectivity industry. The very strong complementary positioning of our teams, our operations, our technologies and our products will allow us to improve our commercial position from a geographic standpoint as well as in serving customers."