FLIR Systems acquires Raymarine

Author:
Updated:
Original:

FLIR Systems announced today it has entered into a definitive agreement with the administrator of Raymarine plc to acquire all of the outstanding shares of its wholly owned subsidiary, Raymarine Holdings Limited.

The transaction value of approximately $180 million includes repayment of all of Raymarine's indebtedness and approximately $24 million in proceeds to Raymarine plc, which is equivalent to 20 pence per ordinary share.

The acquisition represents the entire business operations of Raymarine and its subsidiaries.

"We are pleased to announce this strategically compelling transaction," said Earl Lewis, president and CEO of FLIR, in a statement. "Raymarine is a leading brand in the industry and has an outstanding reputation for high-quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our commercial systems business. I welcome Raymarine's employees to FLIR."

FLIR anticipates this transaction will be neutral to 2010 earnings, excluding one-time charges, and accretive in subsequent years.

Related

Quick Hits: March 3, 2021

RBFF’s Take Me Fishing campaign offers embeddable fishing and boating map

MAN Achieves Emissions Certifications

The engine manufacturer, which also announced an extension of its supply partnership with the Ferretti Group, now meets major emissions standards worldwide.

In-Person Palm Beach Show Approved

The city of West Palm Beach OK’d the permit for the four-day show, which opens March 25 with a host of safety precautions.

Distributor Expands ePropulsion Sales Territory

Mack Boring will now offer ePropulsion’s electric outboards in the entire North American and Central American markets.

Registration Still Open for NMMA Webinar

The March 4 State of the Industry webinar includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Rollick Secures $8.5 million in Funding

The market strategists said Web traffic in the third quarter of 2020 was up 245 percent on a year-over-year basis.

Time to Cry Foul Over Erie Canal Changes

An act has been introduced in the waning days of New York’s annual budget process that allows no opportunity for public input.