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vendredi 27 janvier 2023
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Home Management

Flir comes under the control of Teledyne

By Contrôles Essais Mesures
January 7, 2021
in Management, Measures, Optical
Reading time: 2 min
Infrared flir camera
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Teledyne and Flir Systems jointly announced that they have entered into a definitive agreement under which Teledyne will acquire Flir in a cash and equity transaction valued at approximately $ 8 billion.

“ At the heart of both our businesses are proprietary sensor technologies. Our business models are also similar: we each supply sensors, cameras and sensor systems to our customers. However, our technologies and products are only complementary with minimal overlap, having imaging sensors based on different semiconductor technologies for different wavelengths , said Robert Mehrabian, executive chairman of Teledyne. Over the past two decades, Teledyne has demonstrated its ability to combine profit and cash flow in a consistent and predictable manner. With Flir and an optimized capital structure, I am convinced that we will continue to deliver superior returns to our shareholders ”.

“ Flir's commitment to innovation spanning multiple detection technologies has enabled our company to grow into the multi-billion dollar company it is today ,” said Earl Lewis, President of Flir. Thanks to the platform of complementary technologies of our new partner, we will be able to continue this trajectory, offering our employees, customers and shareholders an even more exciting growth dynamic. Our board of directors fully supports this transaction, which brings immediate value and the opportunity to participate in the growth potential of the combined company. "

Jim Cannon, President and CEO of Flir, added, “ We could not be more excited to join forces with Teledyne through this value-creating transaction. Together, we will deliver a unique and complementary end-to-end sensory technology portfolio for all key areas and applications to a well-rounded global customer base. We are pleased to partner with an organization that shares our focus on continuous innovation and operational excellence, and look forward to working closely with the Teledyne team as we bring our two companies together to leverage important opportunities available to us ”.

Under the terms of the agreement, Flir shareholders will receive $ 28 per share in cash and 0.0718 Teledyne common share for each Flir share, implying a total purchase price of $ 56 per Flir share based on the terms of the agreement. of Teledyne's 5-day volume weighted average price as of December 31, 2020. The transaction reflects a 40% premium for Flir shareholders based on Flir's 30-day volume weighted average price as of December 31, 2020 2020.

www.flir.fr
www.teledyne.com

Labels: Market Info
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