25Subsequent events

Effective 23 January 2024, the Cicor Group acquired 100% of the shares of  STS Defence Limited, United Kingdom, for a consideration of GBP 26.9 million (CHF 29.7 million). With STS Defence, Cicor has acquired an industry-leading provider of sustainment, support and modernization solutions for mission-critical electronics and communication systems in the aerospace & defence sector. The UK-based company is recognized as a specialist in the design, manufacture and assembly of equipment and systems, as well as their integration and maintenance throughout the life cycle. STS Defence employs around 150 people in the south of the UK. Cicor is committed to continue providing superior engineering support and manufacturing services from the existing STS Defence site under the current management team. STS Defence generated sales of GBP 27.5 million with a strong operating margin in the financial year ending on 30 June 2023.

Effective 27 February 2024, the Cicor Group acquired 100% of the shares of Evolution Medtec Srl, Romania.  Evolution Medtec is a provider of comprehensive engineering services with a strong focus on medical and paramedical applications. The company has been active in the development and prototyping of medtech applications for 20 years and currently employs 25 people in Bucharest, Romania. In the last fiscal year, Evolution Medtec generated sales in the lower single-digit million Euro range with an EBITDA margin comparable to the Cicor Group.

On 1 March 2024, the Cicor Group has signed an agreement to acquire TT Electronics IoT Solutions Ltd, United Kingdom, with three production sites in the UK and China. The combination of the three new sites and the Cicor companies Axis Electronics (integration 2021) and STS Defence (integration 2024) will not only create the new leader in the UK EMS market but will also make Cicor the European market leader in the production of high-end electronics for aerospace & defence applications. TT Electronics IoT Solutions Ltd employs more than 500 people at its sites in Hartlepool and Newport in the UK and Dongguan in China and has a total production area of around 25 000 square meters. In the last financial year, sales of GBP 70.2 million were achieved by the carved-out entities with a mid-single-digit operating margin (adjusted EBITDA). Cicor is paying a cash consideration of GBP 20.8 million on a cash and debt free basis and subject to normal working capital adjustments. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions.

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