Amphenol Acquires Trexon for $1 Billion, Expanding Defense Portfolio

Amphenol Corporation has acquired Trexon for $1 billion, expanding its defense portfolio. Trexon is a designer and manufacturer of interconnect, sensor and antenna products used in aerospace and defense markets. The acquisition strengthens Amphenol's position in the defense industry and complements its existing portfolio of connectors, interconnection systems, and cabling products.

Wall Street, July 2, 2025 — Amphenol Corporation (NYSE:APH) has announced the acquisition of Trexon, a provider of high-reliability interconnect and cable assemblies primarily for the defense market, for approximately $1 billion in cash. The acquisition is expected to be completed in the fourth quarter of 2025, pending regulatory approvals [1].

Trexon, based in Boston with operations in the U.S. and the U.K., specializes in interconnect systems designed to perform in extreme environments. The company's products are highly complementary to Amphenol's existing offerings in the defense market. Amphenol President and CEO R. Adam Norwitt stated, "Trexon’s unique portfolio of high-reliability cable assembly products will be highly complementary to our existing offerings in the defense market" [1].

The acquisition is expected to be accretive to earnings per share in the first year after closing. Trexon is expected to generate sales of approximately $290 million in 2025 with EBITDA margins of about 26% [1]. Following the acquisition, Trexon will be integrated into Amphenol’s Harsh Environment Solutions segment.

Amphenol Corporation, with a market capitalization of $133 billion, designs, manufactures, and markets electrical, electronic, and fiber optic connectors and interconnect systems, antennas, sensors, and sensor-based products across approximately 40 countries worldwide. The company serves multiple sectors including automotive, commercial aerospace, communications networks, defense, industrial, and information technology [1].

This acquisition comes on the heels of Amphenol's impressive second-quarter earnings report, where revenue reached $5.65 billion and earnings per share were $0.81, significantly exceeding analyst expectations. The company also announced a $10.5 billion acquisition of CommScope’s Connectivity and Cable Solutions segment, expected to close in the first half of 2026, pending shareholder approval [1].

Analysts have been active following these developments, with Truist Securities raising its price target for Amphenol to $126, UBS increasing its price target to $120, and Evercore ISI maintaining its Outperform rating with a $110 price target. BofA Securities raised its price target to $110, noting a book-to-bill ratio below 1 and expected declines in IT Datacom revenue [1].

References:
[1] https://www.investing.com/news/company-news/amphenol-to-acquire-defense-interconnect-supplier-trexon-for-1-billion-93CH-4197578
[2] https://seekingalpha.com/article/4814471-ducommun-stock-q2-defense-strength-offsets-commercial-weakness-reiterate-buy
[3] https://stocktwits.com/news-articles/markets/equity/amphenol-to-acquire-trexon/chsO9pjRdXR