GFF - TTM Technologies to acquire Telephonics from Griffon for $330M

TTM Technologies (NASDAQ:TTMI) said Monday it will acquire Telephonics for ~$330M in cash from Griffon (GFF). Telephonics is a provider of intelligence, surveillance and communications solutions that are deployed across a wide range of land, sea and air applications. Proposed terms include the purchase of Telephonics business entities' stock in a debt free, cash free transaction. The deal is expected to be immediately accretive to TTMI's adj. EPS. TTMI identified ~$12M in pre-tax, run rate, cost synergies that are expected to be realized by 2024-end. Additional revenue and cost synergies are expected over a longer period of time. TTMI plans to finance the deal with cash on hand. At the end of 2021, it had $537.7M in cash. The company said the deal will broaden its aerospace and defense product offering vertically into higher-level engineered system solutions and horizontally into surveillance and communications markets while strengthening its position in radar systems.

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TTM Technologies to acquire Telephonics from Griffon for $330M