Summary
TE Connectivity Ltd. (TEL) has announced a significant corporate restructuring plan involving a change of its jurisdiction of incorporation from Switzerland to Ireland through a merger. The current Swiss-incorporated entity, TE Connectivity Ltd., will merge into a newly formed Irish public limited company, TE Connectivity plc, which will become the new publicly traded parent company. This strategic move is expected to be completed by the end of the calendar year, subject to shareholder approval and customary closing conditions. The ordinary shares of the new Irish entity are anticipated to continue trading on the New York Stock Exchange (NYSE) under the same ticker symbol "TEL".
Key Highlights
- 1TE Connectivity Ltd. is undertaking a corporate inversion, changing its place of incorporation from Switzerland to Ireland.
- 2A merger agreement has been entered into with a newly formed Irish subsidiary, TE Connectivity plc, which will become the surviving parent company.
- 3The transaction is expected to be completed by the end of the calendar year 2024, pending shareholder approval and other closing conditions.
- 4TE Connectivity plc (Ireland) will continue to be listed on the NYSE under the ticker symbol "TEL", and the current Swiss entity's shares will be delisted and cancelled.
- 5The company will remain subject to U.S. SEC reporting requirements, Sarbanes-Oxley Act, and NYSE rules, and will continue to report in U.S. dollars under U.S. GAAP.
- 6Shareholder approval is required at an extraordinary general meeting expected around June 12, 2024.
- 7Investors are advised to read the upcoming proxy statement/prospectus for detailed information on the merger and related matters.