Connector-maker Molex, Lisle, Ill., agreed to be acquired by privately held Koch Industries, Wichita, Kan., for approximately $7.2 billion.
Koch Industries owns a diverse group of companies involved in refining, chemicals and biofuels; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; minerals; commodity trading and services; ranching; glass; and investments. Chairman and CEO Charles Koch said in a release that he sees the Molex deal as "an exciting acquisition that matches up well with our culture and our core capabilities. It also provides a significant new platform for growth."
The agreement has been approved by both the Molex and the Koch Industries boards of directors. Certain members of the Krehbiel Family and certain executive officers of Molex, owning in the aggregate voting stock representing approximately 32% of the common stock and 94% of the Class B common stock, have agreed to vote their stock in support of the transaction.
At the close of the transaction, Molex will become a standalone subsidiary of Koch Industries and will continue to be operated by the company's current management team. Molex will retain the company name following the transaction as well as its headquarters in Lisle, Illinois.