NEW YORK, NY, September 17, 2018 – Cerberus Capital Management, L.P. (“Cerberus”) today announced that one of its affiliates has entered into an agreement with TE Connectivity Ltd. (“TE”) under which Cerberus will acquire TE’s Subsea Communications business (“SubCom”).

Headquartered in Eatontown, New Jersey, SubCom is a leading global supplier of subsea communications systems with approximately $700 million in revenue, based on fiscal year 2018 expectations. The business designs, manufactures, deploys, and maintains the subsea fiber optic cable systems that are vital for global communications. To date, SubCom has completed more than 100 cable systems and deployed over 610,000 kilometers of cable through its eight high-performance cable ships, which are among the most efficient and capable in the industry. SubCom, supported by approximately 1,400 employees, has a strong customer base of leading internet content providers, telecommunications companies, and entrepreneurs around the world.

“SubCom is a recognized pioneer in the subsea fiber optic cable industry with a long track record of technology innovation and excellent project management and customer service,” said Michael Sanford, Co-Head of North American Private Equity and Senior Managing Director of Cerberus. “The industry-leading solutions and services that SubCom delivers will become even more critical for global companies as demand for data and connectivity continues to grow rapidly. Through this investment, SubCom will become an independent, standalone business that is well-positioned to capitalize on the significant growth opportunities ahead.”

Mr. Sanford continued, “We look forward to partnering with the talented SubCom employees and leveraging our operational expertise and resources to deliver innovative, integrated, and reliable solutions to meet the needs of SubCom’s global customers.”

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2018.

Kirkland & Ellis LLP is acting as legal advisor to Cerberus. Goldman Sachs, Barclays, Credit Suisse, and Jefferies are acting as financial advisors to Cerberus and providing committed financing for the transaction.

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with over $35 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

About TE SubCom

TE SubCom, a TE Connectivity Ltd. (NYSE: TEL) company, is an industry pioneer in undersea communications technology and marine services, and a leading global supplier for today’s undersea communications requirements. As a vertically integrated supplier, TE SubCom designs, manufactures, deploys, and maintains the industry’s most reliable fiber optic cable systems. Its solutions include long-haul and regional systems, repeaterless networks, capacity upgrades, offshore oil and gas, and scientific research applications. TE SubCom brings end-to-end network knowledge and global experience to support on-time delivery, and meet the needs of customers worldwide. To date, the company has deployed enough subsea communication cable to circle the Earth 15 times at the equator. For more information, visit www.SubCom.com.