Teledyne Technologies acquires Flir Systems
Teledyne Technologies Inc. announced the completion of the 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 $28 per share in cash and 0.0718 shares of Teledyne common stock for each Flir share, which implies a total purchase price of approximately $57.40 per Flir share based on Teledyne’s closing price on May 13.
The aggregate consideration for the transaction was approximately $8.2 billion, including net debt. Previously, Teledyne secured all permanent cash financing for the transaction with a weighted average borrowing cost of less than two per cent.
“We appreciate the support from our stockholders, and I am delighted to welcome FLIR to the Teledyne family,” said Robert Mehrabian, Executive Chairman, Teledyne. “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.”
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 SVP and Chief Financial Officer for the acquired Teledyne Flir group of businesses.