Koch brothers snap up electronics manufacturer Molex for £4.6bn
The electronic components manufacturer Molex has just announced that it's being bought by Koch Industries for $7.2bn (£4.6bn) (release). That value is a 42 per cent premium on Molex's closing price on Friday.
Koch Industries, owned by brothers David (pictured) and Charles Koch, take the sixth and seventh spots on the Forbes rich list – with a combined wealth of $68bn (£43.3bn).
Fred Krehbiel, co-chairman of the Molex board:
After 75 years this was a difficult decision, but our board of directors and our family believe that this transaction, which follows a diligent and thorough review process by the board, provides outstanding benefits for all our stakeholders. Importantly, our shareholders will receive a significant premium and compelling value for their holdings. The transaction is expected to provide substantial opportunities for our worldwide employees, many of whom have spent much of their working lives at Molex and are responsible for the company’s long term success.
Charles Koch, chairman and chief executive officer of Koch Industries, considers Molex:
An exciting acquisition that matches up well with our culture and our core capabilities. It also provides a significant new platform for growth.