Carlisle Cos. Inc. (NYSE:CSL), Scottsdale, Arizona, on Friday announced the termination of its previously announced agreement to acquire Draka Fileca SAS from Prysmian SpA.
The agreement terminated due to regulatory approval not being received for the transaction prior to the expiration of the parties’ agreed time period to satisfy closing conditions.
Chris Koch, chairman and CEO of Carlisle, said “While we were enthusiastic about completing the transaction, unfortunately, the COVID-19 pandemic contributed to the delay in timely receiving the necessary regulatory approval. While disappointed, we remain focused on being the supplier of choice to our North American and European aerospace customers, and committed to expanding our industry leading product offerings and capabilities. Carlisle Interconnect Technologies (CIT) is a global leader of aerospace electrical wire and fiber optic cable technology and will continue to pursue strategic and synergistic M&A opportunities for our aerospace platform in accordance with Vision 2025.”
Carlisle in October announced the planned acquisition of Draka Fileca, a French maker of engineered interconnect solutions for harsh environments and provider of high-end cable solutions to European aerospace, space and defense customers.
The purchase, along with Carlisle’s other acquisition of Providien LLC, San Diego, California, was consistent with the company’s “Vision 2025” strategy to build scale and work toward $15 of earnings per share.