FLIR Systems to acquire sensing technologies firm
FLIR Systems Inc. has announced that it has entered into a definitive merger agreement to acquire ICx Technologies Inc., a provider of integrated advanced sensing technologies.
The purchase price is about $274 million. The terms of the agreement involve a subsidiary of FLIR that will commence a cash tender to purchase all outstanding common stocks of ICx for $7.55 per share. Any share not purchased in the first tender will later be acquired in the second-step merger at the same price per share.
The acquisition expands FLIR’s capabilities into "advanced sensors for chemical, biological, radiological, nuclear and explosives detection for defense and homeland security markets," the company said. These expansion will take place when ICx’s operations are integrated into FLIR’s Government Systems Division.
"We are pleased to announce this compelling transaction and intend to work diligently towards its consummation," commented Earl Lewis, president and CEO of FLIR.
FLIR Systems designs, manufactures and markets thermal imaging and stabilized camera systems for a wide variety of thermography and imaging applications, including condition monitoring, research and development, manufacturing process control, airborne observation and broadcast, search and rescue, drug interdiction, surveillance and reconnaissance, navigation safety, border and maritime patrol, environmental monitoring and ground-based security.