TE Connectivity Announces Agreements to Sell its Touch Solutions and Professional Services Businesses for $380M

TE Connectivity Ltd. TEL today announced that it has entered into an agreement to sell its Touch Solutions business to The Gores Group for $380 million. The Company has also agreed to sell its TE Professional Services business to BlueStream Professional Services, LLC, an affiliate of KGP Logistics, for $23.5 million. The sale of Touch Solutions is subject to customary regulatory approvals. Both transactions are expected to close in the Company's third fiscal quarter of 2012. The results of both businesses will be recast for prior periods and reported as discontinued operations on the Company's financial statements beginning with its fiscal second quarter ended March 30, 2012. The expected impact on the outlook for the second quarter is as follows: