Thermal imaging solutions manufacturer Flir Systems announced Monday that it has entered into a merger agreement to acquire ICx Technolgies, a provider of advanced sensing technologies to the government, homeland security and critical infrastructure markets.
Under the terms of the agreement, Flir will purchase ICx for $274 million. According to a statement issued by Flir, ICx’s operations will be integrated into the company’s government systems division. The boards of both Flir and ICx have approved the merger deal.
Flir says the acquisition will expand its advanced sensor capabilities in a variety of vertical markets and also bolster its existing surveillance platforms.
"The transaction presents an attractive opportunity to add ICx's market leading CBRNE technologies to FLIR's product portfolio and leverage FLIR's global infrastructure to reduce costs and drive growth. We look forward to welcoming ICx's employees to FLIR," said Flir President and CEO Earl Lewis in a statement.
The deal is expected to close in the fourth quarter of 2010.