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A&O Shearman is pleased to announce its role advising TT Electronics plc (TT) on the recommended cash and share offer from Cicor Technologies Ltd. (Cicor).

TT is listed on the main market of the London Stock Exchange and is a global provider of engineered electronics for performance critical applications. TT serves market-leading customers across healthcare, aerospace and defense, and automation and electrification end markets, providing engineering and manufacturing solutions. Its portfolio of products includes power management devices, sensors, and connectivity solutions, with products designed and manufactured for harsh environments and regulated sectors. 

Cicor is a globally active provider of full-cycle electronic solutions, from research and development to manufacturing and supply chain management, serving businesses in the healthcare and medical, industrial, and aerospace and defense industries. Cicor’s shares are listed on the SIX Swiss Exchange.

The transaction values TT at GBP287m and is expected to complete in the first half of 2026, subject to customary regulatory conditions and approval from TT’s shareholders. 

The transaction marks the latest chapter in A&O Shearman’s long-standing relationship with TT, which has included advising TT on the disposal of its Transportation Sensing and Control division and on its public takeover of UK-listed Stadium Group plc. 

Annabelle Croker, M&A partner at A&O Shearman, said: “The acquisition represents a compelling strategic proposition for TT’s stakeholders, bringing together two highly reputable and complementary brands in the Electronics Manufacturing Services sector. The transaction delivers accelerated value for TT’s shareholders, whilst retaining the ability for them to benefit from potential synergies and future upside from continued ownership in the combined business. Our team has worked closely with TT for many years, and we are delighted to be supporting them on this transaction.”

The A&O Shearman team was led by London M&A partners Annabelle Croker and Matt Hamilton-Foyn, with support from senior associates Anthony Bowen and Gina Malone, associates Maryam Usman, Charles Ashie, and Lewis Devonald, and trainees James Dickinson, Yasmine Chbary, and Callum Donnelly. Incentives advice is being provided by partner Mahesh Varia and associate Betty Lorimer. Antitrust and FDI advice is being provided by partner Tom Masterman and associate Alexander Westin-Hardy. Tax advice is being provided by partner Tim Harrop and associate Maria Clezy.