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CORPORATE / NEWS
Teledyne Technologies and FLIR Systems jointly announced that they have entered into a definitive agreement under which Teledyne will acquire FLIR in a cash and stock transaction valued at approximately $8.0 billion.
Under the terms of the agreement, FLIR stockholders will receive $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 $56.00 per FLIR share. The transaction reflects a 40 per cent premium for FLIR stockholders based on FLIR’s 30-day volume weighted average price as of December 31, 2020.
As part of the transaction, Teledyne has arranged a $4.5 billion credit commitment to fund the transaction and refinance certain existing debt. Teledyne expects the acquisition to be immediately accretive to earnings, excluding transaction costs and intangible asset amortization, and accretive to GAAP earnings in the first full calendar year following the acquisition.