© pichetw dreamstime.com Components | January 10, 2017
Teledyne to acquire British sensor company
e2v technologies plc has agreed to a GBP 620 million cash acquisition offer by Teledyne Technologies Incorporated.
Under the terms of the offer, e2v’s ordinary shareholders will receive 275 pence in cash for each e2v share valuing the entire issued and to be issued ordinary share capital of e2v at approximately GBP 620 million on a fully diluted basis. It is expected that – if there’s no bumps in road – the acquisition will be completed in the first half of calendar 2017. e2v provides high performance image sensors and custom camera solutions and application specific standard products for the machine vision market. The company also provides high performance space qualified imaging sensors and arrays for space science and astronomy. “We have followed e2v for more than a decade. Over time, as both Teledyne and e2v evolved, our businesses have become increasingly aligned. In fact, every business within e2v is highly complementary to Teledyne. As important, there is minimal product overlap,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne said in a press release. “For example, we are both leaders in space and astronomy imaging, but Teledyne largely provides infrared detectors and e2v provides visible light sensors. While we both provide microwave devices, e2v’s largest product and market are magnetrons for cancer radiotherapy. Teledyne supplies solid state and vacuum microwave systems, but no magnetrons, and we primarily serve defense markets such as electronic warfare, radar and communications. However, Teledyne serves the healthcare market with specialized X-ray sensors,” Mehrabian continued. e2v’s directors have unanimously recommended that e2v Shareholders vote in favour of the offer.
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