TE Connectivity to acquire Richards Manufacturing from Oaktree for $2.3bn.

TE Connectivity, an electrical connectors and sensors producer, agreed to acquire Richards Manufacturing, an electrical and gas distribution equipment producer, from Oaktree, an investment manager, for $2.3bn. "The acquisition of Richards Manufacturing aligns with our strategy and positions us to further capitalize on an accelerating grid replacement and upgrade cycle in North America, driven by aging infrastructure, the increased hardening of the network and the upgrades that are required to support the increase in energy demand. We look forward to building on the momentum of Richards' growth trajectory and welcoming their talented team to TE," Terrence Curtin, TE Connectivity CEO.