Teledyne Technologies announced that it acquired FLIR Systems in a stock and cash transaction totaling approximately $8.2 billion, including net debt.
The deal was approved and adopted at stockholder meetings held by each company. FLIR will be part of Teledyne’s Digital Imaging segment under the name Teledyne FLIR.
“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 executive chairman Robert Mehrabian said in a statement. “Teledyne FLIR will also provide a complete range of unmanned systems and imaging payload across all domains ranging from deep sea to deep space.”
FLIR stockholders received $28 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which put the total purchase price at approximately $57.40 per FLIR share based on Teledyne’s closing price May 13.
“FLIR’s commitment to innovation spanning multiple sensing technologies has allowed our company to grow into the multibillion-dollar company it is today,” FLIR chairman Earl Lewis said in a separate statement. “With our new partner’s platform of complementary technologies, we will be able to continue this trajectory.”
With the acquisition, Teledyne announced the promotion of Edwin Roks from vice president of Teledyne to executive vice president. Roks will continue as president of Teledyne’s Digital Imaging segment, which now includes Teledyne FLIR.
Also, Todd Booth was promoted to senior vice president and chief financial officer of Teledyne FLIR.