Teledyne Technologies Incorporated has completed 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 $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, totaling a purchase price of approximately $57.40 per FLIR share based on Teledyne’s closing price on May 13, 2021. 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.
“We appreciate the support from our stockholders, and I am delighted to welcome FLIR to the Teledyne family,” said Robert Mehrabian, executive chairman of 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.”
For more information about the merger, visit Teledyne FLIR’s website.