US: Molex Electronic Technologies, LLC, a leading global manufacturer of electronic solutions, announced that that the company has agreed to acquire the Connected Vehicle Solutions (“CVS”) division of Laird Limited, owned by funds managed by Advent International.
Laird CVS specializes in the design, development and delivery of vehicle antenna systems, smart device integration and vehicle connectivity devices.
These solutions will enhance Molex’s capabilities and support the development of agile connected vehicle technology ecosystems featuring the innovative 10Gbps Ethernet backbone for automotive OEMs building next-generation, intelligent vehicles.
“There is tremendous demand for seamless end-to-end network integration across hardware, software and services in the automotive industry,” said Tim Ruff, senior vice president, Molex Business Development. “Laird CVS expands our geographic reach and strengthens our ability to support automotive OEMs seeking to introduce future-ready vehicles with critical functionality while still containing costs. It aligns with our strategy to provide groundbreaking solutions for a growth market.”
Laird’s world-class expertise and custom-engineered solutions enable customers to transform vehicle connectivity across the globe, making the company a trusted partner to the world’s leading automotive OEMs.
“Our team is excited about the opportunities this transaction creates to combine our technology expertise and experience with that of Molex to help automotive OEMs anticipate and meet the complex challenges of keeping vehicles connected on the move, especially as we continue to move closer to a future where autonomous vehicles are commonplace,” said Steven Brown, president, Laird Connected Vehicle Solutions.
Jones Day acted as Molex’s legal advisor and Evercore served as financial advisor. For Advent, Weil Gotschal acted as legal advisor and Goldman Sachs and Citibank as financial advisors. Financial terms of the transaction were not disclosed. The transaction is subject to customary regulatory clearances.