Reuters: Private Equity: TE Connectivity cleared in EU to buy Deutsche Group

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TE Connectivity cleared in EU to buy Deutsche Group Apr 2nd 2012, 15:30 BRUSSELS, April 2 | Mon Apr 2, 2012 11:30am EDT BRUSSELS, April 2 (Reuters) - Swiss-based electronic connector maker TE Connectivity gained EU approval on Monday to acquire Deutsch Group SAS in a 1.55-billion-euro ($2.06 billion) deal that will boost its presence in the defence and industrial transportation sectors. TE Connectivity was spun off from Tyco International in 2007. Deutsch Group, which makes interconnectors for defence, civil aerospace, autosport, offshore and recreational vehicles, is currently owned by French investment group Wendel. The European Commission said in a statement that the deal would not hurt competitors and users in the 27-country European Union. "The Commission's investigation confirmed that the merged entity would continue to face a number of credible competitors and customers would still have sufficient alternative suppliers in all markets concerned," the EU competition watchdog said.

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