Teledyne to acquire select businesses of Excelitas
Teledyne Technologies Incorporated announced today that it has entered into an agreement to acquire select aerospace and defense electronics businesses from Excelitas Technologies Corp. for USD 710 million in cash.
The acquisition includes the Optical Systems (OS) business known under the Qioptiq brand based in Northern Wales, UK, as well as the US-based Advanced Electronic Systems (AES) business.
The UK-based OS business provides advanced optics for heads-up and helmet-mounted displays, dismounted tactical night vision systems and proprietary glass used in space and satellite applications. In the US, the AES business provides custom energetics, including electronic safe & arm devices, high-voltage semiconductor switches and rubidium frequency standards for defense and space applications.
“We are excited to announce this pending acquisition, which will bring us new technology in markets well-understood by Teledyne. Our respective products are highly complementary and not competitive, and we generally serve customers in complementary geographies,” says Robert Mehrabian, Executive Chairman of Teledyne, in a press release. “We look forward to welcoming these businesses and their employees to Teledyne.”
“We are excited about the new opportunities this acquisition will bring and look forward to a seamless integration that will benefit our customers, employees and Teledyne stakeholders,” adds Doug Benner, EVP Excelitas and President Defense and Aerospace Segment. “Our journey providing electro-optical solutions designed to keep troops and high-value assets safe continues with an industry leader.”
The transaction is anticipated to be completed in early 2025 and is subject to customary closing conditions, including regulatory approvals.
