Washington, D.C. (July 14, 2010) - Sutherland Asbill & Brennan LLP is serving as tax counsel to Tyco Electronics Ltd. in its $1.25 billion acquisition of ADC.
The transaction is structured as a tender offer to be followed as soon as possible by a merger. The deal, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2010 and will position Tyco Electronics' Network Solutions segment as a leading worldwide supplier of broadband connectivity products. Tyco Electronics Ltd. is a global provider of engineered electronic components, network solutions, specialty products and subsea telecommunication systems.
The Sutherland team is led by Tax Partner Robert S. Chase II in Washington, D.C., and includes Tax Partners H. Karl Zeswitz, Jr. and Michael R. Miles, both in Washington, D.C.
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Target & Acquirer name, nation, business description:
Target: ADC; Eden Prairie, MN; provides the connections for wireline, wireless, cable, broadcast, and enterprise networks around the world. ADC's innovative network infrastructure equipment and professional services enable high-speed Internet, data, video, and voice services to residential, business and mobile subscribers. ADC (Nasdaq: ADCT) has sales into more than 130 countries.
Acquirer: Tyco Electronics, Ltd.; Schaffhausen, Switzerland; is a leading global provider of engineered electronic components, network solutions, specialty products and subsea telecommunication systems, with fiscal 2009 sales of US $10.3 billion to customers in more than 150 countries. Tyco Electronics Ltd. designs, manufactures and markets products for customers in a broad array of industries including automotive; data communication systems and consumer electronics; telecommunications; aerospace, defense and marine; medical; energy; and lighting.
Date Deal Announced: July 13, 2010
Date of Completion (if applicable): Not Applicable
Deal status: Pending
Which party firm advised: Tyco Electronics Ltd.
Advisory role: Tax Counsel
Deal Description or comments (if necessary):
Sutherland Asbill & Brennan LLP is advising Tyco Electronics Ltd. in its $1.25 billion acquisition of ADC.
Value (if disclosed): $1.25 billion
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