Gabelli & Co Reiterates Buy on TE Connectivity

Gabelli & Co maintains its Buy rating on TE Connectivity Ltd

as the company prepares to acquire SAS. Gabelli says the company “ Is paying $2.0 bn (11.5x 2011 EBITDA) to acquire Deutsch Group SAS, 89% held by French Investment Holding Company Wendel (MF-FR). The deal is expected to close by 3Q2012. … Our Pro Forma EPS estimates are $3.80 for FY 2013 and $4.40 for FY 2014, versus $3.60 and $4.00 before.” TEL closed at $33.32 per share on Tuesday.