(Reuters) -TE Connectivity ( TEL ) said on Wednesday it would buy utility grid products maker Richards Manufacturing Co from funds managed by Oaktree Capital Management and members of the Bier family for about $2.3 billion in cash.

Shares of the company rose 2% before the bell.

The Galway, Ireland-based company looks to finance the deal through a mixture of cash and debt. It expects the deal to close in its third-quarter ending June.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Savio D'Souza and Sriraj Kalluvila)