We are advising TE Connectivity on the transaction

Davis Polk is advising TE Connectivity plc on its acquisition of Richards Manufacturing Co. from funds managed by Oaktree Capital Management, L.P. and members of the Bier family, long-standing owners and leaders of the business. The all-cash transaction is valued at approximately $2.3 billion, subject to customary post-closing adjustments. The transaction is subject to the receipt of regulatory approval and other customary closing conditions, and is expected to close in TE’s fiscal third quarter, ending in June 2025.

TE Connectivity is a global industrial technology leader creating a safer, sustainable, productive and connected future. With more than 85,000 employees, including 9,000 engineers, working alongside customers in approximately 130 countries, TE’s broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, energy networks, automated factories, data centers, medical technology and more.

Richards Manufacturing is a premier manufacturer of overhead and underground electrical and gas distribution products. Headquartered in Irvington, New Jersey, the company serves blue-chip utilities and electrical distributors in the United States and internationally.

Oaktree is a leader among global investment managers specializing in alternative investments, with $202 billion in assets under management as of December 31, 2024.

The Davis Polk corporate team includes partner Brian Wolfe and associates Rachel Schlosser and Rahul Srivastava. Partner Jennifer S. Conway and counsel Andrew H. Braid are providing executive compensation advice. Partner Pritesh P. Shah and associate Francesca Masella are providing intellectual property advice. Partner William A. Curran is providing tax advice. Partner Arthur J. Burke is providing antitrust and competition advice. Counsel David A. Zilberberg is providing environmental advice. All members of the Davis Polk team are based in the New York office. 

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