WICHITA, Kan., 11 Sept. 2013. Koch Industries Inc. has entered into a definitive agreement to acquire global electronic components company Molex Inc. (NASDAQ:MOLX) for a total equity value of approximately $7.2 billion.
Both the Molex and the Koch Industries boards of directors have approved the agreement. At the close of the transaction, Molex will become a standalone subsidiary of Koch Industries and will continue to be operated by the company’s current management team. Molex will retain the company name and its headquarters in Lisle, Ill., following the transaction.
Charles Koch, chairman and chief executive officer of Koch Industries, considers Molex “an exciting acquisition that matches up well with our culture and our core capabilities. It also provides a significant new platform for growth.
“Molex has become a global leader by focusing on product innovation and value creation, driven by its talented leadership and employees,” Koch adds. “We look forward to jointly applying the capabilities of our two companies to help take both to the next level.”
The transaction is not subject to a financing condition, and the parties are targeting a calendar year-end close, subject to customary closing conditions, including receipt of shareholder and regulatory approvals.