International law firm CMS has advised Swiss SIX listed company, Cicor Technologies Ltd (SWX: CICN), on the successful acquisition of TT Electronics IoT Solutions Limited (TT IoT), an electronics manufacturing services (EMS) provider, principally to industrial clients.
TT IoT employs 500 people across its sites in Cardiff and Hartlepool (UK) and Dongguan (China). Following its UK acquisitions of Axis Electronics in 2021 and STS Defence earlier this year, which CMS also advised on, Cicor has become the new leader in the UK EMS market, while continuing to progress and implement its strategy to become the European leader in EMS for medical technology, industry, aerospace and defence.
Peter Neumann, Cicor's Group CFO, commented: “There was excellent cooperation with all teams of CMS that helped us to meet the tight deadlines and to mitigate the complexity and risks of this transaction in order to come to a successful completion. We appreciate the good quality work and dedication from our CMS advisers.”
Robbie Somerville, Of Counsel at CMS, commented: “We are delighted to have acted for Cicor on another key acquisition in the UK. This transaction was a complex carve-out which was run on a very tight and ambitious timetable, requiring a huge effort and commitment from all parties involved, and it has further highlighted our expertise and bench strength when it comes to handling complex cross-border M&A transactions. We wish Cicor well with the successful integration of the TT IoT business into the Cicor group, and we look forward to working with the fantastic team again.”
The CMS team was led by Robbie Somerville and Jack Letson, with Michael Flett (Corporate) playing a material role within the Corporate deal team. The wider CMS team included Lindsay McAllister and Sofie Santry (Corporate); Vera Zhang and Yili Yao (Corporate - China); Aaron Fairhurst, Phil Reid, Alexandra Tuck and Yao Chua (Tax); Isobel, Jean-Francois Willems and Graeme Young (Regulatory & Anti-trust); David Ramage and Haris Saleem; Hannah Vincent and George Smith (Real Estate); Thomas Pullar (Banking); Jae Fassam and Ibinabo Osasona (Pensions); Rosalind Morgan and Joanna Waddell (EPC); and Eileen McMahon and Laura Rankin (Employment).
