© flir Electronics Production | January 05, 2021
Teledyne to acquire FLIR in a $8 billon deal
Teledyne Technologies Incorporated and FLIR Systems have entered into a definitive agreement under which Teledyne will acquire FLIR in a cash and stock transaction valued at approximately USD 8.0 billion.
Under the terms of the agreement, FLIR stockholders will receive USD 28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share. Teledyne expects the acquisition to be immediately accretive to earnings, excluding transaction costs and intangible asset amortization, and accretive to GAAP earnings in the first full calendar year following the acquisition, a press release reads. “At the core of both our companies is proprietary sensor technologies. Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers. However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths,” says Robert Mehrabian, Executive Chairman of Teledyne. “We could not be more excited to join forces with Teledyne through this value-creating transaction. Together, we will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications across a well-balanced, global customer base. We are pleased to be partnering with an organization that shares our focus on continuous innovation and operational excellence, and we look forward to working closely with the Teledyne team as we bring our two companies together to capitalize on the important opportunities ahead,” adds Jim Cannon, President and Chief Executive Officer of FLIR. The transaction, which has been approved by the boards of directors of both companies, is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals.