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Article: Tyco Electronics Announces Definitive Agreement to Sell Power Systems Business to The Gores Group LLC.
- Article from:
- PR Newswire
- Article date:
- October 19, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PEMBROKE, Bermuda, Oct. 19 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. today announced that the company has entered into a definitive agreement to sell the Tyco Electronics Power Systems business to The Gores Group LLC for $100 million in cash, subject to a final working capital adjustment. The transaction is expected to close by the end of calendar 2007 or early in 2008.
Tyco Electronics announced earlier this year its intent to sell its Power Systems business. In anticipation of the sale and beginning in the third fiscal quarter of 2007, the Power Systems business was classified as a discontinued operation and the results of the segment were reported ...