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CAPITAL GOODS: Amphenol (APH A3/BBB+/NR): Acquisition

CAPITAL GOODS
  • Amphenol has announced a $2.1bn cash acquisition in wireless technology.
  • The deal is expected to close in H125.
  • Using FY24 consensus numbers, this would increase leverage from 0.9x to 1.4x.
  • Amphenol’s &A intentions are well flagged; starting leverage is low and should stay well below Moody’s 2.5x long term ceiling, with their adjustments historically adding 0.5x.

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