The US electronics company is acquiring part of the Kfar-Saba based communications equipment components distributor and manufacturer.
US electronics equipment manufacturer Amphenol Corp. (NYSE: APH) has acquired some of the activities of Kfar Sava-based Tel-Ad Electronics Ltd., one of Israel's biggest distributors and manufacturers of communications equipment components.
Amphenol did not officially report the acquisition even though it is publicly traded on the New York Stock Exchange (NYSE) with a market cap of $10 billion. Market sources believe the acquisition is being made for $60-70 million cash.
Tel-Ad, which was founded by CEO Schlomi Schultz in 1986, is the Israeli distributor for Amphenol's products and provides distribution, production and logistics services for electronic components mainly for communications equipment. Among Tel-ad's main activities is the distribution of cable connectors for optics communications, electronics products and computer technologies. Schultz owns 70% of Tel-Ad and 30% is held by Aliza Inbar.
This is not Schultz's first exit in the field of components distributors. Two and a half years ago, Schultz and his partner Avi Inbar sold Net-Aye Technologies to TTI Inc, a unit of Warren Buffett's Berkshire Hathaway.