Tyco to Buy Raychem in $2.87 Billion Deal

NEW YORK, NY, May 21 -- Tyco International Ltd., a manufacturer of undersea fiber-optic cables, reports that it will buy Menlo Park, California-based Raychem Corp., an electronic components maker, in a cash and stock deal valued at $2.87 billion. Raychem is an excellent strategic fit with our electronics business and will be immediately accretive to Tyco's earnings, said Tyco Chairman and Chief Executive Dennis Kozlowski, adding that Raychem's products, international presence, and customers are all highly complementary with those of Tyco's AMP subsidiary, which Tyco purchased last year.