Teledyne Technologies Inc. has completed its acquisition of Flir Systems Inc., a commercial company specializing in the design and production of thermal imaging cameras, components and imaging sensors. Flir will now be included in Teledyne’s digital imaging segment and 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. The aggregate consideration for the transaction was approximately $8.2 billion, including net debt. Previously, Teledyne secured all permanent cash financing for the transaction with a weighted average borrowing cost of less than two percent.
Simultaneously, Teledyne announced the following executive promotions, effective today. Edwin Roks, current vice president of Teledyne and President of Teledyne’s Digital Imaging Segment, is now executive vice President of Teledyne. Edwin will continue to serve as president of Teledyne’s digital imaging segment, which now includes Teledyne Flir. In addition, Todd Booth is 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.”