January 4, 2021

Flir centaur roadside robot400x275Teledyne Technologies will acquire FLIR Systems, which develops sensors and other equipment for drones and robots in industrial and defense applications, in a cash-and-stock deal valued at about $8 billion.

Under terms of the deal, FLIR shareholders will receive $28 in cash and 0.0718 shares of Teledyne for each share owned, equal to a total price of $55 per FLIR share, based on Teledyne’s 5-day volume-weighted average price as of Dec. 31, 2020.

Teledyne develops instrumentation, digital imaging products and software, as well as aerospace and defense electronics and engineered systems.

“At the core of both our companies is proprietary sensor technologies,” said Teledyne Executive Chairman Robert Mehrabian in a statement. “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 said it has secured a $4.65 billion 364-day credit commitment to fund the deal and refinance some of its debt, and the deal is expected to close in mid-2021.

“We could not be more excited to join forces with Teledyne through this value-creating transaction,” said Jim Cannon, president and CEO of FLIR. “Together, we will offer a uniquely complementary end-to-end portfolio of sensory technologies for all key domains and applications across a well-balanced, global customer base.”