© flir Electronics Production | May 17, 2021
Teledyne completes its acquisition of FLIR
Teledyne Technologies have now successful completed the previously announced acquisition of FLIR Systems, Inc. FLIR will now be included in Teledyne’s Digital Imaging segment and operate under the name Teledyne FLIR.
Under the terms of the agreement, FLIR stockholders received USD 28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of approximately USD 57.40 per FLIR share based on Teledyne’s closing price on May 13, 2021. The aggregate consideration for the transaction was approximately USD 8.2 billion, including net debt. Teledyne says it expects the acquisition to be immediately accretive to earnings, excluding transaction costs and purchase price accounting, and accretive to GAAP earnings in the first full calendar year following the acquisition. Simultaneously, Teledyne announced the following executive promotions; Edwin Roks, current Vice President of Teledyne and President of Teledyne’s Digital Imaging Segment, is now Executive Vice President of Teledyne. Edwin will continue to serve as President of Teledyne’s Digital Imaging Segment, which now includes Teledyne FLIR. In addition, Todd Booth is promoted to Senior Vice President and Chief Financial Officer for the acquired Teledyne FLIR group of businesses. “We appreciate the support from our stockholders, and I am delighted to welcome FLIR to the Teledyne family,” says Robert Mehrabian, Executive Chairman of Teledyne, in a press release. “As a combined company, Teledyne FLIR will uniquely provide a full spectrum of imaging technologies and products spanning X-ray through infrared and from components to complete imaging systems. Teledyne FLIR will also provide a complete range of unmanned systems and imaging payload across all domains ranging from deep sea to deep space. Finally, I want to congratulate Edwin and Todd, whose promotions are very well deserved.”