US-based Molex Electronic Technologies, a leading global manufacturer of electronic solutions, announced today that the company has agreed to acquire the connected vehicle solutions (“CVS”) division of Laird, owned by Advent International. Laird CVS specialises in the design, development and delivery of vehicle antenna systems, smart device integration and vehicle connectivity devices.
Molex claims that these solutions will enhance their capabilities and support the development of connected vehicle technology ecosystems featuring the 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 solutions enable customers to transform vehicle connectivity across the globe, making the company a trusted partner to the world’s leading automotive OEMs. Laird’s products are critical to all sectors of the electronics industry, including transportation, industrial, medical, telecommunications, computing, and the mobile device sectors.
Steven Brown, president, Laird Connected Vehicle Solutions said, “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.”
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.