Teledyne Technologies Inc. . made its largest acquisition in three decades and agreed to purchase Flir Systems Inc. To. for about $ 7. 36 billion to add to aerospace and defense sensors.
Flir holders are paid approximately $ 56 per share in cash and in shares, based on average trading prices over the past five days, according to a statement made Monday. This represents a premium of 28% over the company’s last closing price of $ 43. 83 on Dec. . 31.
Both sensor, camera and sensor system manufacturers share similar business models but have little overlap because their technologies span different wavelengths, Teledyne Executive Chairman Robert Mehrabian said in the statement.
Teledyne of Thousand Oaks, Calif., said the deal will have an immediate positive impact on earnings. The total value of the transaction was approximately $ 8 billion.
With demand rising, Teledyne has targeted acquisitions. The company that has $ 14. 5 billion market reviews in October said it had a strong balance sheet and a « healthy » pipeline of buyout targets that would help build cash flow for years to come. The acquisition of Photonis in France was suspended in September, citing the conditions proposed by the French government.
Flir, based in Wilsonville, Oregon, rose 20% to $ 52. 45 in New York pre-market trading on Monday. Investors will receive $ 28 per share in cash and $ 0. 0718 Teledyne shares for each Flir share held.
Flir products are used in defense, heavy industry, and government. The 42-year-old company is known for airborne secret service, reconnaissance and target systems in war aircraft.
It has evolved into a range of decision support activities ranging from field detection to helping first responders identify missing persons at sea to monitoring factory equipment. It had a little over 4. 000 employees, said its managing director Jim Cannon in a presentation in December.
Evercore Inc.. . advised Teledyne on the transaction and Goldman Sachs & Co. . worked with Flir. Teledyne has agreed an unsecured loan for a bridge facility with Bank of America as sole lead arranger.
FLIR Systems, Teledyne Technologies, Teledyne, NASDAQ: FLIR, Stock, NYSE: TDY
World News – USA – Teledyne to buy sensor maker Flir Systems for $ 7. 36 billion
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