Imaging and industrial sensor giant Teledyne Technologies on Friday announced that it has completed its previously announced deal to acquire video surveillance stalwart FLIR Systems for more than $8 billion.
According to a statement, FLIR will now be a part of Teledyne’s Digital Imaging business segment and will 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, which implies a total purchase price of approximately $57.40 per FLIR share based on Teledyne’s closing price on May 13, 2021. The aggregate consideration for the transaction was approximately $8.2 billion, including net debt.
Teledyne also announced several executive promotions in conjunction with the deal’s completion. Edwin Roks, current Vice President of Teledyne and President of Teledyne’s Digital Imaging Segment, is now Executive Vice President of Teledyne. The company said Roks will continue to serve as President of Teledyne’s Digital Imaging Segment, which now includes Teledyne FLIR. In addition, Todd Booth has been promoted to Senior Vice President and Chief Financial Officer for the acquired Teledyne FLIR group of businesses.
“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. Finally, I want to congratulate Edwin and Todd, whose promotions are very well deserved.”
