Teledyne Acquires FLIR
Industrial conglomerate Teledyne Technologies Incorporated (NYSE:TDY) said it has completed its acquisition of thermal imaging cameras and sensors company FLIR Systems, Inc. (NASDAQ:FLIR). FLIR will now be included in Teledyne’s Digital Imaging segment and operate under the name Teledyne FLIR.
Under the terms of the cash-and-stock deal announced in January, FLIR stockholders received $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 $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 percent.
Teledyne 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, effective today. 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.