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NEW YORK (AP) — Swiss electronics maker TE Connectivity is buying sensor maker Measurement Specialties for $1.37 billion.
TE Connectivity says it will pay $86 per share in cash for the Hampton, Virginia, company that makes a range of sensors measuring things such as pressure, vibration, temperature and humidity.
The companies value the deal at $1.7 billion including Measurement Specialties' debt.
TE Connectivity says the deal will make it one of the largest sensor companies in the world and boost its profit growth. The company expects $13.8 billion to $14.1 billion in sales in its current fiscal year, which ends in September. Measurement Specialties expects $540 million over the 12 months ending in March.
The price represents a premium of 10.3 percent over the closing price of Measurement Specialties Inc.'s shares of $78 Wednesday.
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