Clifford Chance advises lenders on financing for Cicor Technologies’ Acquisition of TT Electronics

Global law firm Clifford Chance has advised the financiers of Cicor Technologies Ltd.’s acquisition of TT Electronics Plc. The transaction will be implemented by way of a UK court-sanctioned scheme of arrangement and is expected to close in the first half of 2026, subject to shareholder and regulatory approvals. The combined entity will have revenues exceeding CHF1.2 billion, with enhanced capabilities to serve defense and high-security sectors across Europe and North America.

The acquisition, valued at approximately CHF303 million (£287 million), will be financed through a combination of senior term debt facilities and newly issued Cicor shares. The debt financing was arranged by Commerzbank Aktiengesellschaft and UBS Switzerland AG acting as mandated lead arrangers, advised by Clifford Chance.

Cicor Technologies, headquartered in Switzerland, is a leading provider of electronic manufacturing services (EMS), with a strong footprint in medical technology, industrial automation, and aerospace and defense. The company supports mission-critical applications through advanced system integration and high-reliability electronics.

TT Electronics, listed on the London Stock Exchange, designs and manufactures engineered electronics for performance-critical environments, with a significant presence in defense and security, transportation, energy and healthcare. Its capabilities in power conversion, sensing, and connectivity solutions are widely deployed in defense platforms and secure infrastructure.

The Clifford Chance team was led by partners Simon Reitz (Frankfurt) and David Neu (Munich), supported by senior associates Giuseppe Chiaula, Chris Banks and transaction lawyer Asia Racines Carugo (all Munich, all Global Financial Markets). Partners Nicholas Kinnersley (Global Financial Markets, London) and Erik O’Connor (Corporate, London), supported by senior associates Charlotte Holt, Catherine Freeman, and Faeeza Tailor (all Corporate, London), advised on the UK Takeover Code aspects of the transaction. Partner Caroline Dawson (Global Financial Markets, London) advised on the National Security and Investment Act (NSIA) and partner Jemma Dick (Tax, London) provided counsel on UK tax matters.