Flir shareholders will receive $28 per share in cash and 0.0718 shares of Teledyne common stock for each Flir share, a 40% premium on Flir’s closing stock price on Dec. 31. The deal is expected to close in the middle of the year. Teledyne said the acquisition will be immediately accretive to earnings, excluding transaction costs.
“At the core of both our companies is proprietary sensor technologies,” Teledyne chairman Robert Mehrabian said in a release. “Our business models are also similar: we each provide sensors, cameras and sensor systems to our customers. However, our technologies and products are uniquely complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths.”
Teledyne also announced preliminary fourth-quarter results on Monday. It sees sales of $80 million and GAAP diluted earnings of $3.16 to $3.19 per share, above views. Flir expects to meet or beat guidance.
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