LISLE, Ill. (AP) - Koch Industries Inc. is buying electronic components and cables maker Molex for approximately $6.86 billion.
Koch - run by the billionaire brothers Charles and David - said Monday that it will pay $38.50 per Molex Inc. share. That's a 31 percent percent premium to the company's $29.34 Friday closing price.
The companies put the deal's total value at about $7.2 billion.
Molex Inc. has about 178.2 million outstanding shares, according to FactSet.
It will remain headquartered in Lisle, Ill. and keep its current management team. Molex will also keep its company name and will run as a Koch subsidiary.
Koch, based in Wichita, Kan., owns a variety of businesses.
Both companies' boards approved the transaction, which is expected to close by year's end. It still needs shareholder approval.
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