The Gores Group, a Los Angelesâ€based private equity firm, has announced that through an affiliate it has signed a definitive agreement to acquire TE Connectivity's Touch Solutions business for $380 million in cash.
The Touch Solutions business is a global supplier of touchscreens, touch monitors and all-in-one touch computers that are marketed under the Elo TouchSystems brand. Headquartered in Menlo Park, Calif., the business generated sales of $413 million in fiscal 2011.
"As a pioneer and global leader in high-performance touch solutions, Elo TouchSystems is a compelling addition to The Gores Group portfolio of companies," Ryan Wald, managing director of M&A for The Gores Group, said in a company press release. "Elo TouchSystems is well positioned in the industry because of its premier brand name and strong relationships with customers and channel partners. We plan to expand its offerings through investment in organic growth and strategic acquisitions."
The transaction is subject to customary regulatory approvals and is expected to close in the second calendar quarter.
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